A buyer's agent has a "fiduciary duty" to act in the best interests of their buyer. This means they cannot "steer" the buyer to a specific lender, as this would violate fair housing laws. The seller and their agent are responsible for preparing and giving the buyer the "Transfer Disclosure Statement" (TDS).
These are questions that the above text answers:
1. What is the role of a buyer's agent in real estate?
2. What is the fiduciary duty of a buyer's agent?
3. Why is it important for a buyer's agent to act in the best interests of their buyer?
4. What is the consequence of a buyer's agent "steering" the buyer to a specific lender?
5. Who is responsible for preparing and giving the buyer the Transfer Disclosure Statement?
6. What is the purpose of the Transfer Disclosure Statement?
7. What are the responsibilities of the seller and their agent regarding the Transfer Disclosure Statement?
8. Can a buyer's agent legally recommend a specific lender to their buyer?
9. What is the potential impact of a buyer's agent violating their fiduciary duty to act in the best interests of their buyer?