Agent representing a Seller
Has a fiduciary and confidential duties to the seller “only”. The main commitment is with the seller. The fiduciary duty involved in this agency, doesn’t allow the agent to let other party knows if there is a minimum price that seller would accept or other negotiating items. Agent has to provide other parties with all pertaining property information about conditions and known defects.
The seller’s agent will negotiate and protect the seller representing his interest only.
Agent representing a Buyer
Has the same fiduciary and confidential duties for the buyer “only”. The buyer’s agent cannot disclose how much more can he offer on a property nor disclose other financial information other than the one discussed and agreed with a lender (if loan is involved).
A Buyer’s agent will negotiate all the terms and conditions of a contract and represents the buyer’s interest only.
It’s understandable why there are conflicts of interest when only one agent is representing the sellers and the buyers interest in the purchase and sale transaction of a property.
Buyers are under the impression that they have to pay a commission to the agent helping them locate, negotiate and close on a home purchase.
Not really, 99% of the time the that amount is paid by the seller at no cost for the buyers.