Dual Agency Agreement Real Estate

When a real estate agent chooses to be a double agent, they receive a double commission because they represent both the buyer and the seller. For this reason, they may be tempted not to disclose important information to the buyer or seller, lest the agreement collapse and lose double commissions. Legal and ethical issues may also arise because the officer works alone without any other officers involved. The buyer and seller are generally unaware of the legal impact of a transaction and may not be aware that an agent is breaking the law or participating in unethical behaviour to ensure that the agreement is reached. If a second agent represents the buyer, he or she is more likely to be inse unlawful activities and unethical behaviour. The crucial point to remember is that the duale agency has many pitfalls and dangers. A broker could be sued, lose his commission, cancel the contract and even lose his real estate license. If you go to the duale agency, make sure that you strictly follow all legal procedures and disclosures, that you document everything and that you are particularly careful. Compliance is essential to protect against each other in the dual agency transaction.

That`s how the duplicate agency works in California. An alternating agency occurs when the two agents are from the same agency. Unfortunately, since you don`t mention this fact in your article, people who read this from California don`t get the full picture. I just hope they will look further than the information you present here. Finally, the non-disclosure of a dual agency can be construed as a violation of good faith. À Cal. Civ. Code 2306 states: “An agent can never have the power to do an act known or suspected by the person with whom he is acting. Glenda Double Agency in California is what we call the designated agency here. The buyer and seller each have a different agent in the same company as the one representing them. I can`t take it anymore.

Therefore, a dual agent cannot fully fulfill the duties of loyalty, complete revelation, obedience to a legitimate instruction. However, a duplicate agent still has an obligation to keep essential information and the accounting of funds confidential. The agency`s written agreement should come from both the buyer and the seller. Any benefits you would get from hiring a real estate agent, why you agree to pay your fees, will be lost if you work with an agent representing both you and the other party. As a customer, you are aggrieved by practice. Some real estate agents will try to trick you into accepting a duale agency by offering a commission discount. Do you want to save a few thousand dollars in commission just to make the colossal mistake of overpaying ten thousand dollars or more? A typical myth of the realtor is that it is a clever tactic to go directly to the agent of the list. It`s not true! With dual agency, all rules and default expectations come out the window.