|A buyer's limited agent is an agent who represents a buyer. A real estate licensee is a buyer's limited agent unless one of the written agreements or consents described in this brochure is in place. A buyer's agency may also be created by written agreement between you and a real estate broker. A buyer's limited agent, in addition to performing under the terms of any written agreement made with the buyer, exercises reasonable skill and care for the buyer and promotes the interests of the buyer with the utmost good faith, loyalty, and fidelity. |
A buyer's limited agent seeks a price and terms which are acceptable to the buyer; presents all written offers to and from the buyer in a timely manner; discloses, in writing, to the buyer all adverse material facts actually known by the limited agent; and advises the buyer to obtain expert advice on known matters beyond the limited agent's expertise.
A buyer's limited agent must account for all money and property received, and must comply with all applicable federal, state, and local statutes, rules, and ordinances.
A buyer's limited agent shall not disclose any confidential information about the buyer unless required by statute or rule, or if failure to disclose would constitute fraudulent misrepresentation.
A buyer's limited agent may retain and compensate other brokers as subagents only with the written agreement of the buyer. (Subagents have the same duties and obligations as the buyer's limited agents.)
A buyer's limited agent may show the same property to competing buyers, and assist competing buyers in attempting to purchase said property, without breaching any duty or obligation to their client.
A buyer's limited agent owes no duty or obligation to a customer (seller) except to disclose, in writing, all adverse material facts actually known by the licensee.
Adverse material facts may include adverse material facts concerning the buyer's financial ability to perform the terms of the transaction.
A buyer's limited agent must also act honestly and fairly in their dealings with a seller.
A buyer's limited agent owes no duty to conduct an independent investigation of the buyer's financial condition for the benefit of the seller, or to independently verify the accuracy of completeness of statements made by the buyer or any independent inspector.