Quote:
Originally Posted by SoCalGal
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.
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Not false. We can quibble about the word "fiduciary" but a licensed agent must treat the buyer honestly and fairly and disclose pertinent information needed by the buyer to make informed decisions. If you read the 3 or 4 threads started by this OP, you can conclude that the seller's agent did not do this. According to the OP, the agent told the OP that, unless they signed an agreement to extend the inspection contingency period, they would lose their $10,000 deposit. That was not true. The agent does not have access to the earnest money because it is held in escrow by a third party. I do not believe that the OP knew that fact, and the agent did not disclose it. Also, the agent knew that the OP had a very sick husband and was under a lot of pressure. Nevertheless, the agent did everything possible to force the OP to complete the sale by continuing to threaten her with losing the earnest money. That is not the purpose of earnest money. Personally, I think the agent acted in a dishonest and unfair manner towards the OP, and possibly did not act in accordance with the Florida law of ethics for licensed agents.