Fiduciary Duties
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I came across a great article in the Gazette in January about Fiduciary Responsibilities. It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors. My favorite quote from the article written by Jim Flynn "The law expects more of 
fiduciaries than others who have legal duties to another person." Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.
You may wonder what all of this has to do with real estate. The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado
Agency and Real Estate
Colorado is considered an agency state, and Real Estate Agents have two choices of how they represent clients. According to the information in the Colorado Real Estate Manual:
It's important to note that in order to be an agent, according to Colorado Real Estate Laws, there must be a written agreement between the broker and the party. Colorado also doesn't allow a Realtor to represent both a buyer and a seller at the same time as an Agent; as it is a conflict of interest. This is called Dual Agency; and many states will allow a Realtor to represent both the buyer and the seller as an Agent.
When I'm an agent for a principal (a client) I have a variety of responsibilities including promoting the interest of the party with the utmost good faith, loyalty, and fidelity; seeking a price that is acceptable to the party, counseling the party as to any material benefits or risks of the transaction. Essentially I have a fiduciary relationship to my client and with that comes a responsibility I take very seriously.
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Kathy (719-287-1049) KTorline@msn.com
