Teachergive Sale 2023

Teachergive Sale 2023

Things You Should Know When Hiring a Dual Agency

>> Aug 4, 2017

Almost all property owners are aware of this fact that buyer’s agent work for property buyer whereas seller’s agent work towards the seller, but what about the dual agent? What is the need of a dual agency? To make a profitable and effective house deal, it is important to have thorough knowledge about dual agents.  

What are Dual agents?
Dual agents are also popularly known as transaction brokers. They work for the buyer as well as the seller. They perform the dual role at the same time.

In what cases can you see dual agents?
Dual agents are mostly seen in smaller markets. In these markets, you would not find a large number of properties. Due to this reason, instead of getting separate agents for both buyers and sellers, there is a trend of hiring one agent, who would work on behalf of both the parties.

Is it legal to take services of a dual agent?
In a few states, dual agents are permitted to operate. The only condition is that buyers and sellers should be aware of the fact that they are taking services of a common agent. Before hiring them for your work, it is important to learn about their working and benefits and disadvantages of their working.

How can you come across a dual agent?  
It is important to understand how does dual agency work. When a buyer is interested in buying a property, he hires the services of an agent and explains the key features that he is looking for in a dream home. Based on the requirements, the agent would shortlist the properties that fulfill those conditions. It can be possible that the agent, who is showing you the property ends up behaving as a “dual agent.” This means that he represents you as the buyer and the seller in the entire transaction.

A property seller would always want to get maximum possible monetary value for their property, whereas a property buyer would aim at getting the best property at lowest possible value. In such a case, a dual agent has the job to represent the interests of both the parties properly.

What do you need to check when hiring services of dual agents?
If you plan to hire the services of a dual agent, you need to get it in writing. Most of the brokers will provide you a form “Disclosure Regarding Real Estate Agency Relationships.”

In this form, the name and relationship of the agent and the broker who is involved in the property transaction along with their duties will be described. It is the responsibility of the buyer/seller to properly read the agreement and once satisfied, go ahead and hire them.

Before entering into the different types of dual agency agreements, understanding its legal implications is in the best interest of the person. You should learn how it can impact your ability to obtain the best possible deal in purchasing a residential property. 

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