Which document typically outlines a fiduciary duty in real estate?

A buyer’s representation agreement is the document that typically outlines a fiduciary duty in real estate. In this agreement, the real estate professional commits to act in the best interests of the buyer, establishing a fiduciary relationship. This means the agent is legally obligated to provide loyalty, confidentiality, and full disclosure to the buyer, ensuring their needs and goals are prioritized throughout the transaction process.

Other documents like a lease agreement, title insurance policy, and property disclosure statement serve different purposes. A lease agreement focuses on the rental terms and obligations between the landlord and tenant, while title insurance protects the buyer from losses due to defects in the property title. A property disclosure statement is meant to inform potential buyers about the condition of the property but does not create a fiduciary duty. Therefore, the buyer’s representation agreement is specifically tailored to establish and define that fiduciary relationship in real estate transactions.