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Are real estate agents bound by any rules of confidentiality? We are looking for a buyers agent and know of someone who came recommended by a family member (they are close friends with the realtor) and I just want to make sure she is not allowed to discuss our business with them. Not that we're hiding anything, I just don't think family needs to know the specifics of how we buy our home.
I know some rules may vary by state and we are in MA if that makes any difference.
If your agent is a REALTOR, they are bound by the code of ethics which has specific guidelines on confidentiality. Odds are that your state also imposes confidentiality limits, too. However, the best thing to do is to have a simple, relaxed conversation where you lay out your expectations in this regard. No agent will have a problem with this and will probably be very reassuring.
Yes, you can express your wishes for confidentiality in your Buyer Agency contract.A Buyers' Agent had a fiduciary duty to you and may only discuss matters of your transaction with those you deem appropriate usually including: The Broker, the Sellers' agent, the mortgage agent, the title company, the home inspector(s) you hire.
Suggest doing the following: Get a copy of your state's Agency Disclosure pamphlet (should be given to you on first contact with agent). Request a copy of the Agency Contract and read it 24 hrs. before signing. Go through it and make a list of questions for the Realtor you intend to hire as your Buyer's Agent.
Last edited by lifelongMOgal; 05-18-2012 at 09:55 AM..
Are real estate agents bound by any rules of confidentiality? We are looking for a buyers agent and know of someone who came recommended by a family member (they are close friends with the realtor) and I just want to make sure she is not allowed to discuss our business with them. Not that we're hiding anything, I just don't think family needs to know the specifics of how we buy our home.
I know some rules may vary by state and we are in MA if that makes any difference.
You need to check with a MA agent or your potential agent. Here in SC if you sign an agency contract the REA is bound to confidentiality. If you don't sign a buyer agency here, we are a sub agent of the seller and owe the seller agent duties. Don't know how your state works though.
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