Buyer’s and Seller’s ask me about agency disclosure | Armonk NY Homes

Disclosure Regarding Real Estate 

Agency Relationships

Seller’s Agent

A seller’s agent is an agent who is engaged by a seller to

represent the seller’s interests. The seller’s agent does this

by securing a buyer for the seller’s home at a price and on

terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller:

reasonable care, undivided loyalty, confidentiality, full

disclosure, obedience and duty to account. A seller’s

agent does not represent the interests of the buyer. The

obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the

agent and the seller. In dealings with the buyer, a seller’s

agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly

and in good faith; and (c) disclose all facts known to the

agent materially affecting the value or desirability of

property, except as otherwise provided by law.

Buyer’s Agent

A buyer’s agent is an agent who is engaged by a buyer to

represent the buyer’s interests. The buyer’s agent does

this by negotiating the purchase of a home at a price and

on terms acceptable to the buyer. A buyer’s agent has,

without limitation, the following fiduciary duties to the

buyer: reasonable care, undivided loyalty, confidentiality,

full disclosure, obedience and duty to account. A buyer’s

agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent

and the buyer. In dealings with the seller, a buyer’s agent

should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and

in good faith; and (c) disclose all facts known to the agent

materially affecting the buyer’s ability and/or willingness

to perform a contract to acquire seller’s property that are

not inconsistent with the agent’s fiduciary duties to the

buyer.