DUAL AGENCY DILEMMA
Understand the nature of your agency representation
Dual Agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.
If you find yourself involved in a dual agency relationship, make sure that you completely understand how your interests are affected.
This relationship involves the following limitations:
The Agent will deal with the Buyer and the Seller impartially
The Agent will have a duty of disclosure to both the parties
The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing
The Agent will not disclose the motivation of the Buyer or the Seller to sell unless authorized by the Buyer or the Seller
The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing
The Agent will disclose to the Buyer the known defects about the physical condition of the property known to the Agent
Before receiving an offer both you and the other party to the transaction will be asked to consent in writing to this new dual agency relationship.
If you find yourself involved in a dual agency situation, make sure that you completely understand the nature of dual agency and its possible outcomes. It would be wise to contact a skilled Real Estate Lawyer for a complete explanation of dual agency representation.