Representing Buyers

What We'll Cover

• Principals of Agency
• Fiduciary Duties
• Contracts with Buyers
• Dual Agency Representation

Why 6%?

AGENCY

EXAMPLES

• Attorney - Client
• Contractor - Homeowner
• Brokerage - Broker
• Restaurant - Waiter
• Landlord - Tenant
• Insurer - Insured

BINDING THE PRINCIPAL

• Actual Authority
• Apparent Authority
• Ratification
• Inherent Power

Untitled Slide

DUTIES TO CLIENT

• Loyalty
• Maintain Confidential Informnation
• Disclosure of Material Facts

FIDUCIARY DUTIES

Contractual Relationship

Elements of Contract

• Offer
• Acceptance
• Consideration
• Mutual Assent

Oral Agreements

Statute of Frauds

Dual Representation

Benefits

• Efficiency
• Easier Communication
• Increased Commission

Pitfalls

• Maintaining Confidential Information
• Breach of Fiduciary Duty
• Client Perception

Disclosure & Informed Consent

Prohibited in

• Wyoming
• Colorado
• Florida
• Kansas

May Not Disclose:

• Price Seller Will Accept
• Amount Buyer is Willing to Pay