Quote:
Originally Posted by retiredguy123
The seller's agent is licensed by the state and has an obligation to treat the buyer in a fair and fiduciary manner, even if they don't represent the buyer.
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False. The seller's agent does not have a fiduciary duty to the buyer if they are not representing the buyer.
A seller's agent, also known as the listing agent, has a fiduciary duty solely to the seller they represent. This means they must act in the best interests of the seller, provide full disclosure, maintain confidentiality, and promote and protect the seller's interests above all others.
The seller's agent owes the buyer only a limited "standard of care" or obligation to treat them honestly, but does not have the higher fiduciary duty that would require putting the buyer's interests first.
If the seller's agent is also representing the buyer in a dual agency situation, then they would have fiduciary duties to both parties. However, this dual representation creates inherent conflicts of interest. Many advise against dual agency and recommend that buyers and sellers have their own dedicated agents to fully represent their respective interests.