The following information is from a pamphlet called the "Consumer Guide to Agency Relationships" that is required to be given to every party, or potential party, in a real estate transaction in Ohio. The following paragraph is from this pamphlet:
Representing the Sellers
Most sellers of real estate choose to list their home for sale with a real estate brokerage. When they do so, they sign a listing agreement that authorizes the brokerage and the listing agent to represent their interests. As the seller’s agent, the brokerage and listing agent must: follow the seller’s lawful instructions, be loyal to the seller, promote the seller’s best interests, disclose material facts to the seller maintain confidential information, act with reasonable skill and care and, account for any money they handle in the transaction. In rare circumstances a listing broker may offer “sub- agency” to other brokerages which would also represent the seller’s interests and owe the seller these same duties.
After reading this, it should be obvious that when a real estate agent is under contract to a Seller through a listing agreement, then that agent is responsible for certain things that we refer to as fiduciary duties. Of these duties, "be loyal to the seller" seems to be a tough one to keep.
Contact Me if yiou need more information on buying property.
Representing the Sellers
Most sellers of real estate choose to list their home for sale with a real estate brokerage. When they do so, they sign a listing agreement that authorizes the brokerage and the listing agent to represent their interests. As the seller’s agent, the brokerage and listing agent must: follow the seller’s lawful instructions, be loyal to the seller, promote the seller’s best interests, disclose material facts to the seller maintain confidential information, act with reasonable skill and care and, account for any money they handle in the transaction. In rare circumstances a listing broker may offer “sub- agency” to other brokerages which would also represent the seller’s interests and owe the seller these same duties.
After reading this, it should be obvious that when a real estate agent is under contract to a Seller through a listing agreement, then that agent is responsible for certain things that we refer to as fiduciary duties. Of these duties, "be loyal to the seller" seems to be a tough one to keep.
Contact Me if yiou need more information on buying property.
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