Fiduciary Responsibility

FiduciaryReal Estate across the country is different.  In some state, it may take 90 days to close while in others, like Georgia, 30 days is the norm.  Additionally, in some states you can close at a title company’s office, in other states you may get an attorney to help coordinate the closing while still in other states (Georgia) your Realtor is the one who coordinates for you. In Georgia, a Realtor has a fiduciary responsibility to look out for your best interest.

So what does fiduciary mean? Wikipedia defines it as,

A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person they owe the duty (the “principal”): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust, and the word itself originally comes from the Latin fides, meaning faith, and fiducia.

This agreement is set by a contract known as the, “Buyer’s Brokerage Agreement.”  If an agent does not go over this relationship with you AND asks you to sign it before helping you, they are not looking out for your best interest. It only with honesty, loyalty and integrity that someone can represent you in the biggest transaction of your lifetime.

It’s more than just searching for homes, it’s knowing the market and identifying good investments, negotiating the best price, protecting your investment of earnest money, looking out for your family in their move and it’s about telling you that you might consider waiting to purchase or not purchase at all in certain situations.

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