Buyer’s and Seller’s ask me about agency disclosure | Armonk NY Homes

Disclosure Regarding Real Estate 

Agency Relationships

Seller’s Agent
A seller’s agent is an agent who is engaged by a seller to 
represent the seller’s interests. The seller’s agent does this 
by securing a buyer for the seller’s home at a price and on 
terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: 
reasonable care, undivided loyalty, confidentiality, full 
disclosure, obedience and duty to account. A seller’s 
agent does not represent the interests of the buyer. The 
obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the 
agent and the seller. In dealings with the buyer, a seller’s 
agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly 
and in good faith; and (c) disclose all facts known to the 
agent materially affecting the value or desirability of 
property, except as otherwise provided by law.

Buyer’s Agent
A buyer’s agent is an agent who is engaged by a buyer to 
represent the buyer’s interests. The buyer’s agent does 
this by negotiating the purchase of a home at a price and 
on terms acceptable to the buyer. A buyer’s agent has, 
without limitation, the following fiduciary duties to the 
buyer: reasonable care, undivided loyalty, confidentiality, 
full disclosure, obedience and duty to account. A buyer’s 
agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent 
and the buyer. In dealings with the seller, a buyer’s agent 
should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and 
in good faith; and (c) disclose all facts known to the agent 
materially affecting the buyer’s ability and/or willingness 
to perform a contract to acquire seller’s property that are 
not inconsistent with the agent’s fiduciary duties to the 
buyer.

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