SELLERS

Dual Agent

     You may even permit the listing firm and its agents to represent you and a buyer at the same time.  This “dual agency relationship” is most likely to happen if an agent with your listing firm is working as a buyer’s agent with someone who wants to purchase your property.  If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your listing agent will ask you to sign a separate agreement or document permitting the agent to act as agent for both you and the buyer.

     It may be difficult for a dual agent to advance the interests of both the buyer and seller.  Nevertheless, a dual agent must treat buyers and sellers fairly and equally.  Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party. 

     Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer.  This option (when available) may allow each “designated agent” to more fully represent each party.

     If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction.  This can best be accomplished by putting the agreement in writing at the earliest possible time. 

     If you have any questions about this or any other Wilmington Real Estate topic contact me at 910-431-9395.  Tomorrow I will address Buyer’s Agency, stay tuned…