Dual Agency
|
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, before receiving an offer both
you and the other party will be asked to consent in
writing to this new limited agency relationship.
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 Buyer and the Seller except that;
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 defects
about the physical condition of the Property known
to the Agent.
|
|
