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Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
A fiduciary's duty must not conflict with another fiduciary duty. [20] [38] [77] Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict. [23]
Agents may also assist the buyer in coordinating necessary inspections, negotiating any needed repairs, and facilitating the transaction by working with the lender, listing agent, title company, and in some areas a real estate attorney. [3] The buyer's agent acts as a fiduciary for the buyer.
A fiduciary could be anyone with expertise — such as a lawyer, trustee or financial advisor — who must advise a client on the best way to proceed or otherwise act on their behalf. What is a ...
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
A fiduciary is ethically bound to work for what’s in your best interest, not their commission. As you seek out an advisor, the best way to determine if the person is a fiduciary is to ask them.
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