What is the role of a mandatary in a real estate context?

In the context of real estate, a mandatary refers specifically to an agent who has been granted a mandate, or authority, to represent clients in various transactions. This relationship establishes a fiduciary duty, where the mandatary is legally bound to act in the best interests of their client, whether that client is a buyer, seller, or landlord. The mandate can involve several specific responsibilities and can include aspects like marketing a property, negotiating offers, and ensuring compliance with legal requirements.

The term is closely tied to the concept of agency in real estate, wherein the mandatary acts on behalf of the principal, meaning they must uphold certain standards of loyalty and care. This highlights the importance of professionalism and ethical behavior in the real estate industry, as the mandatary is expected to protect their client's interests throughout the transaction process.