Agency is one of the most important duties of what a real estate agent does and has a specific responsibility to his or her client that is called a fiduciary duty, which simply means that the agent has to act in the best interests of his/her client. Not only does a real estate agent have to sell your house, he or she also has to be responsible for it.
A real estate agent’s fiduciary duties include being loyal – doing everything possible to gain an advantage; being obedient – promptly obeying all lawful instructions from the seller or buyer that conform to the purpose of the agency relationship; practice disclosure – reveal any material defects in the property, but not information such as poor school systems, dropping property values or traffic problems; exercise confidentiality – use discretion when revealing or concealing financial details; use reasonable care and diligence – prepare him or herself through education to competently represent the seller; and being accountable – for any documents or money entrusted to him or her.
A good agent will keep up with market activity and help his or her clients with contracts, inspections, negotiations, and the closing process.
Regarding the State of Illinos they do allow Dual Agency and that is primarily where they represent the seller and buyer in the same transaction. There are specific rules and procedures for this and both the buyer and the seller have to agree to it in writing. The primary directive is that they can’t tell the seller what the highest price a buyer is willing to pay and the agent can’t tell the buyer the lowest price the seller is willing to sell for.
Our Company Policy
Is that we never do Dual Agency , we only represent one party in the transaction so that we you are assured you getting the best service , council and advice.
You can be represented Exclusive Buyer Representation which means your obligated to work with one person and if you buy a property or lease a property your agent will be compensated out of the transaction from the seller and if not you would be obligated to pay them yourself. If you found another property from someone else you would be obligated to compensate the agent you signed the Exclusive Buyer Agreement with.
You can choose Non-Exclusive Buyer Representation and you can work with several agents and the agent that found you the property that you wanted to buy or rent would be compensated out of the transaction by representing you in transaction. So if you found something on your own you would owe nothing. This one is recommended because of its flexibility.
Make sure you read the agreement before signing. We have examples of both agreements for your review.