Fri 12 Oct 2007
Who Do We Work for - 101
Posted by Steve under Real Estate Terms
As an AGENT we are authorized and agree to represent the interests of another person. In our business this is most often the seller of real estate (by a listing agreement), but can be the buyer so long as we have a buyer - agent agreement.
The Principal is the individual who hires the agent to undertake the responsibility of representing the principals’ interest in a real estate transaction (whether they are a buyer or seller depending on the contractual obligation).
The Fiduciary relationship is a position of special trust and confidence held between the Principal and the Agent. The principal is also called the Client.
A Customer is someone to who is entitled to fairness, honesty and is given reasonable service for no guarantee of payment (commission) but with whom we don’t owe a fiduciary relationship too.
Consult with one of our professional agents whether you are a potential client or customer we will do our best to help with your transaction.
