In past posts we've discussed the Seller's agent or the "Listing" agent as well as the "Buyer's" agent. Today, we will discuss the Dual Agent. As I said, it's not pretty, but it can be done.
According to the National Association of Realtors (NAR) the definition of "Dual Agent" is:
As a dual agent, the licencee works for both the seller/landlord and the buyer/tenant.
A dual agent may not take any action that is adverse or detrimental to either party
but must disclose known material defects about the property. A licensee must have
the written consent of both parties before acting as a dual agent.
You'll remember that the listing agent is the one who has his/her sign in the yard. That agent is under contract
with the seller of the property to represent them in the sales tranaction. Can they also represent you? Absolutely,
but only with proper disclosure and the written consent of both parties. If you choose to do business with the
seller's agent, and some people do, make sure you understand that this agent can not take any action that is
adverse or detrimental to either party. The agent, however, must disclose any known material defects in the
property.
Next time we'll discuss a Transaction Licencee. In the meantime, time take care in choosing your agent. Take
advantage of open houses to interview agents to represent you and always sign a Buyer's Agency Agreement
so you can be sure your rights as a buyer will be represented.
We'll talk again soon.
Cheryl
"I know the price of success; dedication, hard work, and an unremitting devotion to
the things you want to see happen."
---Frank Lloyd Wright
If you are looking for a dedicated REALTOR, please give me a call. I bring results!
To learn more about Weichert Realtors, click the links below:
http://youtu.be/7fHxJMAdvSg
http://youtu.be/HGu72v3QU3E
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