Dual Agency Consent Agreement

Because an alternating agent works in a potential conflict of interest situation – one customer (the seller) wants to get the highest possible price, while the other client (buyer) wants to pay as little as possible – the agent cannot take sides or give advice. Bruce Ailion, an Atlanta, GA, real estate agent and lawyer, compares the dual agency to a lawyer who represents the man and woman in divorce. «The interests of the parties are negative and are better represented by independent experts,» he explains. If you buy or sell a home, a duale agency should be avoided. You should never let your realtor stop representing you exclusively. This is exactly what happens if you allow the agency alternately. YOUR real estate agent you have hired becomes a neutral party in the transaction. The law no longer allows him to represent you as he would as an exclusive buyer or seller. And how many times have you asked someone else to check your work, to look at it with fresh eyes to catch something you may have missed? In a dual agency situation, there are no new eyes. Two agents, brokers or entities involved may mean that one party may notice – or at least should – if the other makes a misstep to solve the problem. An officer who is responsible for only one party is called a single agent, and his loyalty is much clearer.

Double, the obligation of a real estate agent to be loyal to you. Although the agent remains legally bound to keep your private information confidential, and although he cannot use it to give his other client an unfair advantage over you in the transaction, a lawyer might advise you to pay attention to what you say around your agent. Complications can arise with alternating agency transactions that are problematic for all parties, including the agent. For example, a dual agent cannot use his difficult trading skills to get both the highest price for his seller and the lowest price for his buyer. That`s impossible. In addition, a dual agent might be tempted to go for a higher selling price to put more money in his pocket via the commission. This is one of the few reasons why the duale agency is not legal in all 50 states. Very few things in life – and especially in business – are pure good or completely bad. While the Duale Agency raises some unique concerns and problems, some benefits may offset some of these potential problems. As a client, you have the right to refuse the representation of a dual agency even if the clause is presented to you in a list of modular real estate or a buyer`s agency contract. You can hire another broker to represent you if you are uncomfortable with a dual agency agreement.

If you sell a house, it`s a no-brain. Never let your agent practice an agency alternately. Your agent should always represent you. You pay your agent thousands of dollars to serve your interest. There is no good reason for the agent to be a neutral party. An agent should always disclose all the facts that may affect the transaction.