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What you should know about Buyer Agency Representation
In real estate, “buyer agency representation fiduciary” means a real estate agent who legally acts in the best interests of the buyer. This means they place the buyer’s needs above all else. “Functional” simply refers to an agent performing basic tasks related to finding a property. As a result, a functional agent does not have the same level of loyalty and commitment to the buyer’s specific goals and interests. Essentially, a fiduciary agent has a higher standard of care and legal obligation to the buyer compared to a functional agent.
Key points about the difference between Buyer Agency Representation and Functional Representation:
Fiduciary Duty:
A fiduciary agent has a legal duty to act in the buyer’s best interests. This includes full disclosure, confidentiality, loyalty, and obedience to the buyer’s instructions.
Functional Role:
A functional agent may simply show properties, provide basic information, and facilitate paperwork. However, they may not necessarily prioritize the buyer’s needs above all else or have the same level of commitment to finding the best possible deal.
Example:
Fiduciary Agent:
Actively negotiates the best possible price for the buyer, advises them on potential risks with a property, and keeps all confidential information about the buyer’s needs private.
Functional Agent:
Shows the buyer properties that fit their basic criteria, answers general questions about the properties, and may not actively negotiate on the buyer’s behalf to the same extent.
Contact Me
Are you ready to start your real estate journey with a fully qualified agent? One who understands the importance of choosing a fiduciary agent to act in your best interests? Do you want to work with an agent who has the experience you need? And one who has extensive knowledge of the local market to help you find your new home? Reach out to me to learn more about all the services I provide to my clients!
Feel free to call me directly at 602-791-0091.
