What is a fiduciary duty/relationship? – Office for sale in Singapore
Real estate salespersons are playing an intermediary role between the vendor and the purchaser which is fiduciary duty/relationship. Real estate salespersons are in a special position of trust and confidentiality. The law calls such special relationship that of fiduciary relationship, that is, one of the ‘utmost good faith’. Office for sale in Singapore.
- Real estate salespersons are obliged to safeguard the vendor’s property and interest;
- Real estate salespersons should never profit from this position of trust beyond the agreed commission and expenses;
- Real estate salespersons should disclose all the relevant information (that may influence his principal’s judgment in the course of the transaction);
- Real estate salespersons should not allow their duties to the principal to be in conflict with their own personal interests (e.g. if a real estate salesperson himself is interested to buy his principal’s house, he must bring it to his principal’s notice) and
- Real estate salespersons must act strictly in accordance with the terms of the agreement.
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