Buyers Representation

The relationship formed between an agent and a client is a fiduciary relationship because it is based on trust.  The agent owes a client:

1. LoyaltyDiligence
2. Confidentiality
3. Reasonable Skill & Care
4. Obedience
5. Disclosure
6. Accountability

Buyer’s Agent

A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He or she will negotiate the best possible price and terms for the buyer.

Seller’s Agent

Also know as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence.  A listing contract spells out the relationship.  A seller’s agent negotiates the best possible price and terms for the seller

Disclosed Dual Agency

Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction.  Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in negotiating price and terms.  New York law requires the buyer and seller to consent to a dual agency relationship in writing.

Designated Agency

To eliminate the potential conflict of interest that arises in disclosed dual agency, New York law allows the sponsoring broker to designate a salesperson to represent the seller and another salesperson to represent the buyer.  Each designated salesperson can represent their client, without the potential for a conflict.  New York law requires a client to consent to designated agency representation in writing.