What characterizes buyer agency?

Buyer agency is characterized primarily by the fiduciary relationship established between the agent and the buyer. In this relationship, the agent is obligated to act in the best interests of the buyer, which involves representing them in negotiations and seeking the most favorable terms for property purchases. This representation includes a commitment to advocate for the buyer's needs, preferences, and financial considerations throughout the purchasing process.

The foundational principle of buyer agency is that the agent serves as an advocate, channeling their expertise and knowledge to secure the best possible outcomes for the buyer. This contrasts with other roles, such as a facilitator or transaction broker, where the agent may not have a fiduciary duty to advocate for a specific party.

In contrast, other scenarios, such as assisting a buyer without representation or allowing the buyer to negotiate directly with sellers, lack the depth of commitment and advocacy that defines a buyer agency relationship. Additionally, specific legal frameworks governing buyer agency, including written contracts, establish clear expectations and obligations, further distinguishing it from general assistance roles that might not require formal agreements.