Buyer Representation...

The relationship formed between an agent and client is a fiduciary relationship because its based on trust. The agent owes a client: Loyalty, Diligence, Confidentiality, Reasonable Skill & Care, Obedience, Disclosure and Accountability.

*Buyer’s Agent
  A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He/She will negotiate the best possible price and terms for the buyer.
 
*Seller’s Agent
  Also known as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence. A listing contract spells out the relationship. A seller’s agent negotiates the best possible price and terms for the seller.

*Disclosed dual agency
  Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction. Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in nefotiating price and terms. Minnesota law requires the buyer and seller to consent to a dual agency relationship in writing.