As a Buyer working with a real estate sales representative, you may enter into one of two types of agreements with the sales representative and their brokerage. One is a Buyer Representation Agreement whereby you become the client of the Real Estate Company, and the second is a Customer Service Agreement whereby you become a Customer of the Real Estate Company. Both are considered legally binding agreements, but the two agreements may be confusing as to which one to pick.
There are two significant differences between the sales representative and their real Estate Company’s obligations to a Client versus a Customer.
FIRST, if you are a client, the sales representative and the real estate company have an important obligation to you called Fiduciary Duty; they must promote and protect your best interests in the real estate transaction.
Fiduciary means faithful servant, and a sales representative and their brokerage are fiduciary to the client.
FIDUCIARY DUTY OWED TO A CLIENT
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