BROKER = AGENT

Agency is a relationship that includes a legal responsibility on the part of the agent to act solely in the client’s best interest - also called a Fiduciary Duty.

How does that relationship happen?

The two parties must enter into a written agreement (Baird & Warner has an Exclusive Buyer Representation Agreement and Exclusive Marketing Agreement for Sellers). These agreements MUST be in writing as of January 1st 2025 (even for buyers!) and detail the agent's compensation, term of the agreement and duties that the agent will perform for that client.

What are an Agent’s Duties?

Confidentiality, Disclosure, Loyalty, Obedience, Accountability, Skill & Care. These obligations ensure that the agent acts in the client's best interests, prioritizing the client's goals and safeguarding their confidential information.

What is a Buyer’s Agent?

A Buyer’s Designated Agent is a broker acting in the best interest of a buyer client. This relationship is established from the very beginning of the buyer’s search through the process & closing of their transaction.

What is a Seller's Agent?
 

A Seller’s Designated Agent is a broker acting in the best interest of a seller client. This relationship is established from the initial walkthrough of the home, through the process & closing of their transaction.

What is Dual Agency?

This type of agency occurs when one broker associate is designated to represent both buyer & seller in the same transaction. Agents must disclose Dual Agency in writing and obtain written consent from both the buyer and seller. They must treat the interests of both equally and not disclose confidential information of either party to the other. Buyers and sellers must act on their own behalf when negotiating terms and consent a second time in writing at the time of signing the contract.