Definition
Fiduciary duty is the legal obligation of your agent to put your interests above all others, maintain confidentiality, and provide honest, competent service. It's the highest standard of care.
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Fiduciary duty is the highest legal standard of care in real estate transactions. Agents with fiduciary duty must put their client's interests above all others, including their own interests. This includes disclosing all known material facts, keeping client information confidential, and avoiding conflicts of interest. Breach of fiduciary duty can result in liability for damages and disciplinary action against the agent's license.
Pro Tip
Ensure your agent has fiduciary duty to you. This is your strongest protection.
Example
The buyer's agent breached fiduciary duty by sharing the buyer's maximum price limit with the seller.