Bozeman Real Estate “Buyer Agency” Details
In Bozeman Montana Real Estate transactions, Buyer Agency is the principal agent relationship in which your Bozeman real estate agent is the Broker for your property and has fiduciary responsibilities to you, the Buyer.
A Bozeman Real Estate Buyer signs a contract with a Bozeman real estate associate or a broker to act as the sole “Bozeman real estate buyer’s” agent in realty matters and also agrees to work in the best interests of the real estate buyer in all transactions for which the contract has been signed.
The Realtor agent’s loyalties are with the buyer, and it is the agent’s duty to share any information about the property or about the Bozeman real estate sellers that may help the buyer make decisions regarding Bozeman real estate transactions.
- Exercise reasonable skill and care for the Buyer.
- Seek a price and terms acceptable to Buyer.
- Disclose the following only with informed consent of the Buyer.
- Perform the terms of the written agreement.
- Present all offers to and from the Buyer in a timely manner.
- Disclose to the Buyer adverse material facts actually known by Broker.
- Promote the interests of the Buyer with utmost loyalty, good faith and fidelity.
- Advise the Buyer as to material benefits or risks actually known by Broker.
- Facts or suspicions which may psychologically impact the purchase.
- Account in a timely manner for all monies and properties received.
- Any material information about the Buyer unless required by law.
- Comply with all local, state, and federal laws.
- That the Buyer is willing to pay more than the purchase/lease price.
- What the motivations are of the Buyer.
- Advise the Buyer to seek legal and other expert advice.
- What financing terms the Buyer would agree to.
- 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
- Payment of compensation shall not be construed to establish agency.
- Compensation may be paid by the Buyer or Seller 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.