Per Connecticut Real Estate Regulations, buyers wanting representation must sign a buyer representation agreement. CT Buyer Representation Policy
A buyer's agent owes fiduciary and legal duties to their client:
- Obedience to client's lawful instructions
- Loyalty to client's interest above their own
- Disclosure of all material and pertinent facts
- Confidentiality regarding client's motivation, urgency, financial position or personal situation
- Accounting for client's money, paperwork and pertinent dates
- Reasonable skill and due diligence
A buyer's agent will represent the buyer's interests when the seller is represented by another agent in our company or another firm or if the property is a "FSBO", or For Sale By Owner.
If the buyer wants to make an offer on a property that the buyer's agent has listed, that agent will then have two clients in the same transaction and is held to a higher form of responsibility. The Buyer will be advised in advance if this is the case and will be asked to give written informed consent for Dual Agency. Items identified by law remain confidential, both parties will receive honest, fair and equal treatment, including market information and all material facts.
A buyer's agent cannot:
- Choose the neighborhood or community for the buyer
- Tell the buyer if the area is "safe"
- Tell the buyer what schools are "better" than others
- Guarantee what town planning and zoning commissions will do
What a buyer's agent can do is provide their buyers with sources of information so that they can make their own personal and family decisions.