There is an important difference between a customer and client, and as a home buyer (or seller), it’s important for you to understand the difference. Knowing the difference between the two, allows you to understand the level of representation you are going to receive from your agent.
A customer receives the basic level of help and is not owed the fiduciary duties* that would be owed to a client. If your agent asks you to sign a Buyer’s Representation Agreement (or Listing Agreement if you're selling), they should be having this conversation with you and explaining exactly what duties they owe you, once signed, and why.
Upon becoming a client, your agent’s number one priority should be to look out for your best interests. Let’s quickly break down the 6 fiduciary duties owed to a client:
Obedience – The agent must obey all LAWFUL orders that his/her client gives him/her.
Loyalty – The agent owes undivided loyalty to the client and puts the client’s interests above his/her own.
Disclosure – The agent must disclose to the client any & all information he/she receives that may benefit the client’s position in a negotiation.
Care & diligence – The client must use all of his/her skills to the BEST of their ability on behalf of the client.
Confidentiality – The agent must keep confidential any information given to her/him by the client, especially any information that may be damaging to a client during negotiations.
Accounting – The agent must account for all funds entrusted to her/him and not mix them with his/her personal and/or business funds.
** Duties owed to customers include: Honesty and disclosure of any adverse material facts actually known by the agent pertaining to a property.
Remember, if you're ever feeling like you could use some clarification on anything during the time you're buying or selling, ask your agent. They should be more than happy to help! It's what we're here for!
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