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Understanding the Agency Agreement: Duties of REALTORS® and Clients
Dated: March 10 2023
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When working with a realtor to buy or sell a property, an agency agreement is established outlining the responsibilities and obligations of both parties. Here are the key duties of realtors and clients under the agency agreement:
Realtor's Duties to their Client:
- Loyalty: Realtors must be loyal to their clients and always act in their best interests, putting their client's needs ahead of their own.
- Disclosure: Realtors must disclose any information that may affect their client's decision-making process, such as potential issues with the property, market trends, or competing offers.
- Care and Diligence: Realtors must exercise care and diligence when representing their clients, providing professional guidance and support throughout the buying or selling process.
- Confidentiality: Realtors must maintain their client's confidentiality, not disclosing any information that could be detrimental to their client's interests.
Client's Duties to their Realtor:
- Loyalty: Clients must also be loyal to their realtor and work exclusively with them when buying or selling a property.
- Cooperation: Clients must cooperate with their realtor by providing all relevant information and documentation necessary to complete the transaction.
- Honesty: Clients must be honest with their realtor about their goals and preferences, as well as any potential issues or obstacles that may affect the transaction.
- Compensation: Clients must compensate their realtor according to the terms of the agency agreement, typically through a commission on the sale or purchase price. Luckily for buyers, this is almost always paid by the sellers on your behalf.
By understanding these duties and responsibilities, both realtors and clients can work together to achieve their goals and ensure a successful transaction. It's important to note that the agency agreement is a legal contract, and breaching any of its terms can have legal and financial consequences. Working with a professional realtor who adheres to these duties and responsibilities can provide peace of mind and help ensure a smooth transaction.
Masyn Barney
Hi, my name is Masyn Barney and I am a licensed real estate agent specializing in residential real estate in Utah County. I am a proud husband and father to a beautiful daughter and my family is my bi....
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