While you may not be aware of it, if you’re buying or selling a home in Flower Mound or another city in North Texas there are benefits to using a licensed real estate agent. These benefits/obligations, known as “fiduciary duties,” are important when you’re buying or selling a home. Why? It’s something known as OLDCAR – obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care.
Let’s start with obedience. When you provide instruction regarding financial implications to a real estate agent, your agent is required to follow that instruction as long as a contractual agreement isn’t contradicted, and it’s legal – no matter if your agent agrees or not.
Next comes loyalty. Whether you are buying or selling a home in the Dallas area, your agent is obliged to put your interests first and foremost. This includes the interests of your agent.
Disclosure. Any information or “fact” that’s material to the sale must be shared with you by your agent. While real estate agents are not required to research or learn about facts that are material to the sale, your agent should be motivated to disclose any facts you, as a buyer, should be aware of.
Protecting your confidentiality. Unless your agent has your permission, no information can be shared with any persons or party to a buy/sell deal. Professional real estate agents are dedicated to protecting your confidentiality.
Accounting. Any exchange of money or funds in play in purchasing or selling a home are the responsibility of your agent.
Reasonable care in handling your affairs. While this topic is a bit less clear than the others, your agent is required to use what is considered “reasonable” care and diligence when handling your dealings or “affairs.” However, it’s important to note that what precisely reasonable care means regarding a specific transaction may be left up to a court judge.
Be aware that, if you’re a potential buyer, the seller’s agent is not your agent but instead is obligated to the seller. Legal obligations do not apply to you when the agent represents the seller.
Additionally, as a buyer your agent and the seller’s agent have different agendas. While your agent has a duty to keep your information confidential, the seller’s agent also has a duty to his/her client – to uncover all information possible (especially negative) about you as a buyer.
At Team Nelson, our DFW real estate agents work for buyers and sellers, and we’re highly dedicated to our clients in terms of confidentiality and handling all of the transaction details in a manner that’s professional. Call us today for the best possible experience when buying or selling a home.