A seller's agent WORKS
ONLY FOR THE SELLER and has legal obligations, called
fiduciary duties, to the seller. These include
reasonable care, undivided
loyalty, confidentiality and full disclosure. Seller's
agents often work
with buyers, but do not represent the buyer's. However,
in working with
buyers a seller's agent must act honestly. In dealing
with both parties, a
seller's agent may not make any misrepresentations to
either party on
matters material to the transaction, such as the buyer's
financial ability
to pay, and must disclose defects of a material nature
affecting the
physical condition of the property which a reasonable
inspection by the
licensee would disclose.
Seller's agents include all persons licensed with the
brokerage firm which
has been authorized through a listing agreement to work
as the seller's
agent. In addition, other brokerage firms may accept an
offer to work with
the listing broker's firm as the seller's agents. In
such cases, those firms
and all persons licensed with such firms are called
"sub-agents." Sellers
who do not desire to have their property marketed
through sub-agents should
so inform the seller's agent.
|