Unless you specifically hire your own buyer’s broker to represent you (more on that later), none of these duties is owed to you.
“Yes,” you say, “I know those are the duties of the listing agent. But I’m dealing with a different firm that cooperates through the Multiple Listing System. My broker is the selling agent, and that’s different.” No, it isn’t. Both firms may be agents for the seller. The second one, the one you’re working with (let’s not say “your agent”) could be cooperating with the first firm and the seller. You are merely a third party in that relationship, a customer rather than a client.
It can be scary to realize this, but things aren’t as bad as they seem. First, the law does require the broker to be honest, straightforward, and trustworthy with third parties. Your questions will receive honest answers, although sometimes an honest answer might be, “I am not allowed to tell you whether the seller is facing foreclosure; I must keep financial information confidential.” Besides answering your questions honestly, agents and sellers have an obligation to volunteer information about any serious (material) hidden defects you aren’t able to see for yourself. State laws differ, though, on whether they must also tell you about past problems that don’t technically affect the real estate, such as suicide or murder on the premises, illness of the seller, and the like. Second, you will receive a great deal of service (see list in the next chapter) paid for by the seller, because without this service to buyers, the property might never be sold. And finally, you can take heart from the fact that, as a practical matter, many seller’s brokers end up violating their duty to the seller. A good agent empathizes with you, wants you to find what you want at a price you can afford, and may emotionally adopt you. If brokers didn’t to some extent identify with the buyer, not much real estate would get sold! |
