Sellers Agent

Last updated 23rd Sep 2022
Disclosure

Definition

A real estate agent that is working on behalf of the person selling a home is known as a seller's agent. Unless stated otherwise, most real estate agents are seller's agents. This means the agent is paid by, and working on behalf of, the seller of the home.

Explanation

A seller's agent has a fiduciary responsibility to the seller of the home, and will negotiate the best price on the seller's behalf. Homebuyers should never reveal confidential information to a seller's agent. This includes the maximum price the buyer is willing to pay for a home or their timeframe for finding a suitable place to live.

Seller's agents will be very helpful, and excited to help homebuyers find a new place to live; however, they are obligated by law to remain faithful to the seller of the home. Anything said to a seller's agent is very likely to be shared with the person selling the home. Someone looking to purchase a home should never tell a seller's agent something they would not reveal to the current homeowner.

Individuals looking to buy a home should consider working with a buyer's agent instead. A buyer's agent has a fiduciary responsibility to the buyer of a home.

Related Terms

buyer's agent, escrow account, closing

Moneyzine Editor

Moneyzine Editor