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Buyer is Not Represented |
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If am a listing agent selling a condominium and a buyer comes to me unrepresented by a broker, is that buyer automatically represented by the listing broker? It is my understanding that the listing broker automatically represents every buyer without a buyer's broker (basically that a buyer can't represent themself).
Thank you! |
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State laws differ widely on the Law of Agency these days, but the general rule has always been that if the seller is your client, and you represent the seller, then the buyer (whether represented by an agent or not) is simply a customer. You do not owe a customer the fiduciary duties (confidentiality, obedience etc) that you owe to your prinicpal, your client the seller. All you owe the customer is honest treatment.
I'd be surprised to learn it was different in California -- it seems unlikely that an unrepresented buyer would make up a dual agent, which is a tricky position to be in.
Good grief, didn't you learn this in your pre-licence classes? Don't you have a manging broker to ask about it? |
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Edith
Originally published on June 19, 2008 |
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