In real estate terms, what does 'single agency' mean?

The concept of 'single agency' refers to the representation of a single client in a real estate transaction. In this arrangement, an agent or broker has a fiduciary duty to one party, either the buyer or the seller, ensuring that their interests are prioritized above all others. This means that the agent is fully committed to advocating for the client's best interests, providing advice and support tailored to that specific party.

Single agency contrasts with other forms of agency, such as dual agency, where the agent represents both the buyer and the seller in a transaction, which can lead to conflicts of interest. In single agency, the exclusive focus on one client's needs fosters a more trusting and personalized relationship between the agent and the client, creating an environment where confidential information can be freely shared without the risk of it being disclosed to opposing parties. Understanding this definition is crucial for anyone studying real estate agency relationships, as it lays the groundwork for recognizing the responsibilities and expectations placed on real estate professionals.