Each state has different real estate agency laws which governing the various relationships between Buyers or Sellers and their agents.
Defining Utah Agency Relationship Roles
There are three primary relationship roles which apply to a Utah real estate agency. These relationships are defined by how they related to a buyer or seller as well as how the agency relates to their brokerage company.
Buyer’s agent: Jensen and Company will help you find and negotiate for a suitable property which matches your specified requirements as closely as possible. As your buyer’s agent, Jensen and Company has fiduciary duties to the buyer such as obedience, loyalty, confidentiality, reasonable care, full disclosure, and other moral duties required by law.
Seller’s agent: Also sometimes called a listing agent, Jensen and Company works with a seller to locate a buyer for their property. We assist with transaction negotiations that align with the seller’s requirements and owe the same fiduciary duties to a seller that we would owe to a buyer.
Limited agent: As a limited agent, we can sell your property while also acting as the agent for the buyer. While Jensen and Company still owes fiduciary duties to the buyer and seller, they are more limited due to working with both parties. We strive to stay neutral when representing a buyer and seller as a limited agent. We will not disclose information that could weaken the bargaining positioning for either party. For example, we will not disclose the lowest price the seller will accept or the highest price the buyer is willing to offer. However, there is some information we must disclose as a limited agent.
We will need to disclose to the buyer if there is a flaw in the property, and in both party’s cases, the buyer’s and the seller’s ability to fulfill their agreed-to obligations. We also must disclose information given to us in confidence if that information would clearly misrepresent the buyer or seller in regards to the property.
To learn more about Jensen and Company or to discuss available Park City real estate or to sell a home in Park City, feel free to contact Jensen and Company. If you would like to learn more about our specific brokerage’s contract agreements, you can review the Jensen and Company agreements below.