When a buyer signs a brokerage agreement, they become a client, and the licensee assumes fiduciary duties on their behalf. Just like a seller agent, a buyer agent is bound by the principles of OLDCARD: Obedience • Loyalty • Disclosure • Confidentiality • Accounting • Reasonable Care • Due Diligence |
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A buyer agent's role is to advocate for the buyer's interests throughout the transaction. This includes identifying suitable properties, presenting offers promptly, disclosing known material facts, advising clients when specialized expertise may be needed, safeguarding confidential information, and managing transaction-related funds responsibly. Buyer agents must exercise reasonable skill and care while complying with all applicable laws, including fair housing requirements. One of the most valuable services a buyer agent provides is helping buyers evaluate information and make informed decisions. Unlike a transaction broker, a buyer agent can offer advice, analyze information, negotiate on the buyer's behalf, and advocate for the buyer's goals. When interacting with sellers, buyer agents must remain honest and fair. They may perform ministerial tasks, such as delivering offers or relaying information, without creating an agency relationship with the seller. However, their fiduciary loyalty remains with the buyer at all times.
| Friday Finding: A buyer agent does more than open doors and write offers. Their role is to advise, advocate, negotiate, and protect the buyer's interests throughout the transaction. Reference: Title 32, Chapter 114, §13274 |
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