Written by Lisa Marie Boyd, Principal Broker/Owner
In real estate, a fiduciary relationship exists between the broker and the buyer or seller. But what is a fiduciary relationship? According to Merriam-Webster, fiduciary means “of, relating to, or involving a confidence or trust: such as held or founded in trust or confidence.” That is a complicated way of saying that a fiduciary is a relationship based on trust. With that trust, fiduciary also requires specific responsibilities and duties.
The fiduciary duties of a real estate broker, as outlined by state statutes are:
1. Loyalty – Requires the broker to place the client’s interests above all others, including the broker’s own interests.
2. Obedience – Requires the broker to obey the client’s instructions, barring anything illegal, unethical, or contradictory to the contract.
3. Disclosure – Requires the broker to disclose all material facts that might affect the transaction.
4. Confidentiality – Requires the broker to keep the client’s business, finances, personal affairs, and motivations confidential.
5. Diligence – Requires the broker to exercise reasonable care throughout the transaction, advising the client only about issues the broker is knowledgeable about and referring to specialists for the rest.
6. Accounting – Requires the broker to account for all documents and monies in the transaction accurately.
Together, these duties provide a framework and a foundation for the full representation of the client by the broker. Above and beyond the basic fiduciary responsibilities required by the State, Town & Country Realty Brokers are also REALTORS®. As REALTORS®, they have additional requirements which add another layer to the foundation and an adherence to an even higher standard and code of ethics. At Town & Country Realty, we take all of these responsibilities seriously. As a full service brokerage, Town & Country Realty Brokers are career-minded, relationship-driven and offer all services to all clients. Town & Country Realty does not “parcel off” services, nor provide an ala carte menu of sorts. As professionals, we believe firmly that all clients, buyers and sellers, across all price points deserve full representation and a commitment to loyalty and diligence with the industry’s highest standards.
If you want to buy a home, sell a home, or invest in real estate, call one of our professional Town & Country Realty Brokers at 541-757-1781 in Corvallis and 541-924-5616 in Albany. We will take great care of you and your real estate needs. We look forward to serving you.