Real Estate Relationships - Seller's Agent, Buyer's Agent, Disclosed Dual Agent & Facilitator
Seller's Agent
If you engage in the services of having a listing broker (Seller's Agent) sell your property, you become the broker's client. That seller agent represents you, the seller, and owes you undivided loyalty, confidentiality and accountability. In negotiating for the best price and terms, the seller agent must put your interests first.
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Buyer's Agent
You may engage the services of a broker to represent you exclusively as a buyer agent of property. In this case, the broker represents you and is accountable to you. The buyer agent must obey your instructions and keep confidential anything you tell her that may affect your purchase of real property. In negotiating for the best prices and terms, the buyer agent must put your interests first.
Disclosed Dual Agent
A broker can work for both the buyer and the seller (Disclosed Dual Agent) on the same property provided the broker gets the consent of both parties and provides each with a written notice of the relationship. In this case, the broker is considered a "disclosed dual agent." This broker owes both the seller and buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the disclosed dual agent does not represent either the seller or the buyer exclusively, and neither party can expect the broker's undivided loyalty. Undisclosed dual agency by a broker is illegal.
Facilitator
When a real estate agent works as a facilitator, that agent assists the seller and buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. The facilitator and the broker with whom the facilitator is affiliated owe the seller and buyer a duty to present each property honestly and accurately by disclosing known material defects about the property and owe a duty to account for funds.
Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential. The role of facilitator applies only to the seller and buyer in the particular property transaction involving the seller and buyer.The seller and buyer can expressly agree a facilitator relationship can be changed to become an exclusive agency relationship with either the seller or the buyer.
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