When purchasing a home, most people will have an opportunity to interact with one or more real estate sales people (often referred to as real estate agents or “realtors”). It is very important for a home buyer to understand the roles and responsibilities of a real estate sales person, especially who they represent in the real estate transaction. This article provides a brief overview of “typical” representation in a real estate transaction, and describes a buyer’s agent and the valuable contributions that they can make helping a home buyer to purchase a home.
A real estate sales person acts as an “agent” for one or more of the parties (buyer and/or seller) in a real estate transaction. An agent is an individual who works on behalf of another individual. Under the law of agency, which governs client/agent relationships, an individual acting as an agent for another individual must work to protect the “best interests” of their client (the person for whom they are acting as an agent). They are said to have a “fiduciary” responsibility to their client.
Typically in a real estate transaction, a real...
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