If you’re interested in buying a home, you’ve probably heard the term fiduciary – but what does it mean, and why does it matter?
Defining Fiduciary in Real Estate
When you work with a real estate agent, you establish a fiduciary relationship. It’s created between the agent and the buyer or seller (the buyer or seller is called the principal in this relationship, when the agent is called the fiduciary).
The fiduciary works on his or her client’s behalf and serves only the client’s best interests – above his or her own and anyone else’s.
Let’s say you’re a seller. A buyer calls your agent and asks whether you’ll accept a lower offer. Your agent can’t answer that question without your express written permission; he or she can only say things like, “Write an offer and I’ll give it to the seller,” or “The seller expects to receive list price.”
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