Buying and Selling a Home: Working with an Agent

It is possible to sell your home without a real estate agent, but most people sell their homes with the assistance of a real estate agent, who is paid a commission, based on the price of the house. A typical contract gives the agent an exclusive right to sell the house for a fixed period of time. According to law, a broker is a fiduciary of her client and must use her best efforts to further the client's interests. Best efforts include:

• exercising reasonable skill and care
• performing the terms of the contract
• following the client's lawful instructions
• protecting confidential information
• accounting for all money in which the client has an interest
• disclosing all material facts which agent knows and which are not confidential because of another agency relationship.

Note that a buyer may also engage a realtor and the same duty of best efforts applies.