Once a consumer signs a brokerage agreement, they become a client, and the licensee assumes fiduciary duties. In Maine, many agents remember these responsibilities using the acronym OLDCARD:
Obedience • Loyalty • Disclosure • Confidentiality • Accounting • Reasonable Care • Due Diligence |
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A seller agent's primary responsibility is to represent the seller's interests as outlined in the brokerage agreement. This includes seeking a sale on terms acceptable to the seller, presenting offers promptly, disclosing material information, safeguarding confidential information, and exercising reasonable skill and care throughout the transaction. An important distinction for Maine licensees is that fiduciary duties are owed to the seller, not to prospective buyers. While seller agents must treat all parties honestly and disclose known material defects, they are not required to advocate for a buyer's interests or provide the buyer with advice. Seller agents may also perform ministerial acts for buyers—such as preparing paperwork or explaining the steps in a transaction—without creating an agency relationship with the buyer. However, providing advice, negotiating on the buyer's behalf, or acting as an advocate could blur agency lines and create risk.
| Friday Finding: Being helpful does not make a buyer your client. Know where ministerial assistance ends and fiduciary representation begins. Reference: Title 32, Chapter 114, §13273 |
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