What a Seller’s Agent Is
The seller’s agent represents the seller only, so the buyer may be either unrepresented or represented by another agent. The seller’s agent is responsible for performing the following duties:
- Promoting the interests of the seller with utmost good faith, loyalty and fidelity;
- Protecting the seller’s confidences, unless disclosure is required;
- Presenting all offers in a timely manner;
- Advising the seller to obtain expert advice;
- Accounting for all money and property received;
- Disclosing to the seller all adverse material facts about the buyer that the agent knows; and
- Disclosing to the buyer all adverse material facts actually known by the agent, including:
- Environmental hazards affecting the property that are required to be disclosed;
- The physical condition of the property;
- Any material defects in the property, or in the title to the property; and
- Any material limitation on the seller’s ability to complete the contract.
The seller’s agent has no duty to:
- Conduct an independent inspection of the property for the benefit of the buyer; or
- Independently verify the accuracy or completeness of any statement by the seller or any qualified third party.
Designated Seller’s Agent
The designated agent is a seller’s agent who has been designated by the broker to represent the seller to the exclusion of all other licensees affiliated with the firm. The designated agent performs all the duties of a seller’s agent, while the other agents in the firm perform the duties of a transaction broker, unless they have a buyer agency agreement.