Agency — Who Does the Agent Represent?

Agency defines who the real estate agent legally represents and owes fiduciary duties to.

Seller's Agent (Listing Agent):

Represents the seller exclusively

Owes full fiduciary duties to seller

Must tell seller everything that could affect negotiation

Buyer's Agent:

Represents the buyer exclusively

Owes full fiduciary duties to buyer

Negotiates in buyer's best interest

Dual Agency:

Agent represents BOTH buyer and seller in the same transaction

Legal in most states with written disclosure and consent

Agent cannot fully advocate for either party

Designated Agency:

Two agents from the same brokerage represent buyer and seller separately

Each agent can fully advocate for their client

FIDUCIARY DUTIES — COALD:

C — Care (competent service)

O — Obedience (follow lawful instructions)

A — Accounting (handle funds properly)

L — Loyalty (client's interests first)

D — Disclosure (reveal material facts)

Reference:

Wikipedia: Law of Agency

https://en.wikipedia.org/wiki/Law_of_agency