Agents And Agency
Many people do not understand all of the hoopla that agents make about Agents and Agency. Agency is a legal term that basically means you have hired someone to work with and for you. Associated with the term agent are terms like Fiduciary Responsibility. This big term means that your real estate agent has certain duties that he or she must perform to help you as you buy or sell your home.
In the St George Real Estate market and throughout the state Agents representing the seller have the following responsibilities. The description below comes from a form created by the Utah Association of Realtors. It explains that the Listing Agent has a responsibility to help you the St George Real Estate market home seller, and the agent also is expected to be honest and fair with potential buyers.
SELLER’S AGENTS AND AGENCY
A real estate agent who lists a seller’s property for sale (“Seller’s Agent”), acts as the agent for the seller only, and has fiduciary duties of loyalty, full disclosure, confidentiality and reasonable care to that seller. In practical terms, the seller hires a Seller’s Agent to locate a buyer and negotiate a transaction with terms favorable to the seller. Although the Seller’s Agent has these fiduciary duties to the seller, the Seller’s Agent is, by law, responsible to all prospective buyers to treat them with honesty, fair dealing, and with good faith.
When you are looking for a home in the St George Real Estate Market the agent you choose to work with is bound by similar terms. Here is the description from the same Utah State approved form.
BUYER’S AGENT
A real estate agent that acts as agent for the buyer only (“Buyer’s Agent”) has the same fiduciary duties to that buyer that a Seller’s Agent has to the seller. In practical terms, the buyer hires a Buyer’s Agent to locate a suitable property and negotiate a transaction with terms favorable to the buyer. Although the Buyer’s Agent has these fiduciary duties to the buyer, the Buyer’s Agent is, by law, responsible to all prospective sellers to treat them with honesty, fair dealing, and with good faith.
As you can see St George Real Estate agents and agents everywhere are expected to assist home buyers and sellers, in an honest and forthright way. If you are looking for a home, it is a good idea to make sure the home you are interested in is still available. You can easily do this by visiting our local MLS. This link provides up to date information about the homes in the St George Real Estate market. Many people like to use Zillow and Trulia, which is fine. After you have identified a home on one of these sites check here to make sure it is still available.
