Buyer Agency

Definition of Buyer Agency for Bozeman, Belgrade, Big Sky, Livingston, Whitehall, Ennis, Dillon Montana Real Estate Transactions

Buyer Agency:

This is the principal agent relationship in which your Montana real estate broker is the agent for a property buyer, with fiduciary responsibilities to the buyer. A buyer/tenant has a signed contract with an associate or a broker to act as the buyer’s sole agent in real estate matters and to work in the best interests of the buyer in all real estate transactions for which the contract has been signed. The agent's loyalties are with the buyer, and it is the agent's duty to share any information about the property or about the sellers that may help the buyer make decisions regarding transactions.

Agent Duties:

  1. Exercise reasonable skill and care for the Buyer / Tenant.
  2. Seek a price and terms acceptable to Buyer / Tenant.
  3. Disclose the following only with informed consent of the Buyer/Tenant.
  4. Perform the terms of the written agreement.
  5. Present all offers to and from Buyer / Tenant in a timely manner.
  6. Disclose to Buyer/Tenant adverse material facts actually known by Broker.
  7. Promote the interests of Buyer / Tenant with utmost loyalty, good faith and fidelity.
  8. Advise Buyer/Tenant as to material benefits or risks actually known by Broker.
  9. Facts or suspicions which may psychologically impact the purchase.
  10. Account in a timely manner for all monies and properties received.
  11. Any material information about the Buyer / Tenant unless required by law.
  12. Comply with all local, state, and federal laws.
  13. That the Buyer/Tenant is willing to pay more than the purchase/lease price.
  14. What the motivations are of Buyer / Tenant.
  15. Advise Buyer/Tenant to seek legal and other expert advice.
  16. What financing terms the Buyer / Tenant would agree to.
  17. Agency termination occurs when one of these first occurs:
  • Accountability for monies and properties
  • Confidentiality of information received during agreement unless:
    a. Required by law.
    b. Released in writing by engaging party.
    c. Information is made public by source other than Broker
  • Compensation:
    • Payment of compensation shall not be construed to establish agency.
    • Compensation may be paid by Buyer / Tenant or Seller / Landlord or third party.
    • The identity of source of compensation shall be disclosed to all parties.
    • Compensation by more than one party is permitted with the written consent of the parties. 

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