Professional Real Estate Services in Lexington
Buying or selling a home is often one of the largest financial transactions a person makes. It is important to consider the
kind of legal relationship you might be entering into with the real estate agent you choose to assist you. The term “agent”
is often used interchangeably with a real estate salesperson, broker, licensee or the real estate firm they are employed with. This brochure will refer to the individual representative as the “salesperson” and the real estate firm he/she works for as “the real estate firm” or “agent”. The challenge of buying or selling a home can seem so daunting. The best place to start is by choosing a good Realtor who you trust and enjoy working with. Ask their advice through each step of the process and leverage their experience. A good Realtor will keep you focused on the things that will help you throughout this process.
YOUR RELATIONSHIP WITH THE SALESPERSON
When you engage a salesperson to represent you or act on your behalf in a particular matter an agent/client relationship
arises between you and his/her real estate firm. This relationship can be created by contract such as when you sign a
listing contract for the sale of your home or a buyer’s agency contract for representation in buying a home. It can also
arise through the implied conduct and activity between you and the salesperson such as when the salesperson takes on
the role of representing you in viewing properties, obtaining information, or assisting in negotiations. Through these
actions and conduct, it may become evident that the salesperson has undertaken to represent you even though your
legal relationship has never been discussed. In the absence of any written listing or buying contract with the real estate
firm, an agent/client relationship can be created when a salesperson undertakes to do something on your behalf which
results in your reliance and acceptance of the salesperson’s actions on your behalf.
THE SALESPERSON’S DUTIES AND OBLIGATIONS
Once an agent/client relationship is formed, the salesperson and his/her real estate firm take on duties and obligations
intended to protect and promote your best interest in the transaction. The following outlines some of their duties arising
out of an agent/client relationship in a typical real estate transaction:
to serve your best interests ahead of anyone else’s, including his/her own and at all times to exercise
good faith and to disclose all known facts and information which may influence your decision.
to follow all of your lawful instructions.
to keep confidential your private circumstances, motivations, and confidences which you shared with
the salesperson or which the salesperson or the real estate firm has learned.
to exercise reasonable care and skill in performing all assigned duties.
of all money, deposits, or other property entrusted to them.