In Jamaica, the concept of agency is crucial in real estate transactions, defining the relationship between a principal—such as a property owner, buyer, or developer—and an agent who represents their interests. This relationship forms the backbone of the real estate sector, as agents act on behalf of their clients by managing transactions, negotiating terms, conducting due diligence, and ensuring compliance with legal and regulatory standards. The agency relationship is formalized through written agreements where agents, typically licensed real estate professionals or brokers, commit to acting in the best interest of their clients, upholding responsibilities of care, loyalty, and transparency.
Globally, the principle of agency remains vital in real estate, with agents serving as intermediaries who connect buyers with sellers, landlords with tenants, and investors with property developers. Agents provide expertise, helping clients navigate the complexities of the market, and are instrum…
