When you are buying or selling a home, dual agency should be avoided.
You should never allow your real estate agent to stop exclusively representing YOU.
It is precisely what happens when you allow dual agency.
YOUR real estate agent whom you hired becomes a neutral party in the transaction.
Is dual agency a bad idea?
At best, they say, dual agents can’t fulfill their fiduciary obligations to both parties. They can’t advance the best interests of both buyer and seller because those interests always diverge. At worst, dual agency creates a harmful conflict of interest.
What is dual agency and why is it difficult?
So, not only does the basic arrangement of dual agency make it quite difficult to serve the interests of either buyer or seller, regulations state that the agent can’t even make the attempt to represent the interests of one or the other.
Why is dual agency good?
Benefits of dual agency
Or thereabouts. Another potential perk of a dual agent is it can save you on the commission—the money home sellers pay their agent for all their hard work (typically 6% of the sales price of a home), which is then split with the corresponding buyer’s agent for all their hard work.
Is dual agency ethical?
Is dual agency legal? NAR allows dual agency in its Code of Ethics. Standard of Practice 1-5 explains that Realtors® can represent buyers and sellers in the same transaction after providing full disclosure and obtaining informed consent from both parties. Most states allow dual agency for real estate transactions.
Can I have multiple real estate agents?
The short answer is yes, you can work with multiple real estate agents—under certain circumstances. Working with more than one real estate agent is fine when you haven’t signed an exclusive agreement with anyone, says Adam Aguilar, a Realtor® with Reliantra in West Toluca Lake, CA.
Should I sign a buyer broker agreement?
The way you hire a Buyer agent is to sign a Buyer Broker Agreement and a seller signs a Listing Agreement. Buyer agency is always in every buyer’s best interest. This is why buyers should never call the listing agent off of the for sale sign.