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.
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