Responsibilities of Agent to Seller / Buyer as Principal

Agents owe fiduciary duties to their principal, whether seller or buyer.

• Obedience
  • Follow lawful instructions of the principal

• Loyalty
  • Act solely in the principal’s best interest
  • Avoid conflicts of interest
  • No secret profits

• Disclosure
  • Disclose all material facts
  • Includes information affecting value or desirability

• Confidentiality
  • Protect client information
  • Continues after agency ends

• Accounting
  • Properly handle and account for funds and property
  • Includes deposits and trust funds

• Reasonable Care and Diligence
  • Use skill and care expected of a licensed professional

• Use best efforts to market and sell the property
• Disclose all offers promptly
• Present offers objectively
• Advise on pricing, market conditions, and negotiation
• Maintain seller confidentiality
• Disclose material facts about buyer ability or intent
• Avoid misrepresentation or fraud

• Use best efforts to locate suitable property
• Disclose all material facts affecting value or desirability
• Advise on pricing, market conditions, and negotiation
• Submit offers promptly and as instructed
• Maintain buyer confidentiality
• Avoid conflicts of interest
• Disclose seller motivation if known and material

When acting as a dual agent:

• Must obtain informed written consent
• Cannot disclose:
  • Seller’s minimum price
  • Buyer’s maximum price
  • Confidential motivations of either party
• Must remain neutral and fair to both principals