A buyer's agent in New York owes the seller:
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Fiduciary duties
Fiduciary duties are owed exclusively to the buyer, not the seller. A buyer's agent's primary legal obligations include loyalty, confidentiality, and full disclosure to their client, the buyer. These duties do not extend to the seller, who has their own representation.
Honest and fair dealing
Confidentiality
Confidentiality is a fiduciary duty owed only to the buyer. A buyer's agent is legally prohibited from disclosing the buyer's motivations, financial information, or willingness to pay more without permission. This duty does not apply to the seller.
Loyalty
Loyalty is a core fiduciary duty owed exclusively to the buyer. A buyer's agent must prioritize the buyer's interests above all others, including the seller. This duty of loyalty does not extend to the seller.
Why is this correct?
A buyer's agent owes the seller honest and fair dealing as a matter of law and professional ethics, regardless of their agency relationship. This is a baseline obligation that applies to all parties in a real estate transaction, ensuring fundamental fairness and transparency in dealings.
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