AVOID THE DUAL AGENCY TRAP

Many real estate agents are offering to represent the Buyer and are offering their services as a Buyer’s Agent who are not actually Buyer’s Agents “exclusively”. Most such agents also represent Sellers and will have no hesitation in representing both the Seller and the Buyer in the same transaction.

It is arguable that a Real Estate Agent should not be permitted to represent both Buyer and Seller in the same transaction. Nevertheless it does in fact happen fairly often. You as a Buyer may believe the Realtor® you have been working with is looking after your best interest but that all changes as soon as the Agent you are working with shows you a property that is listed for sale with any Realtor® working within the Agent ’s own company. When this situation arises, a conflict of interest automatically exists on the part of the Agent unless both the Buyer and Seller agree to a “Limited Dual Agency Agreement”.

When you sign a Dual Agency Agreement, you relieve the Real Estate Agent of responsibilities which would otherwise be owed to you. Home Buyers should be cautious about such an arrangement - for obvious reasons.

Under a Dual Agency situation the Agent can no longer promote the Buyer’s best interest because the Agent is also representing the Seller.

In fact, under a Dual Agency Agreement, it is unlawful for the Agent to offer you any advice on price or even to negotiate on your behalf. Incredulous as it seems, such Agent must remain silent concerning any terms and conditions that may be favorable to you as Buyer where such would cause any prejudice whatsoever to the Seller. In that regard a Buyer working with such an agent is not in much better a position than a Buyer in a private sale transaction.

To avoid any possibility that you will be asked to enter into a Dual Agency Agreement, you must utilize the services of a real estate agent who will guarantee that he or she will never work for the Seller. Such agents are few and far between so you should address this issue at the first opportunity in order to avoid confusion down the road.

Buyers Agency Network Inc. never represents the seller and will never ask you to sign a Dual Agency Agreement.

Be more than a Customer. Be a client and let Buyers Agency Network Inc. assist you to buy your home. Contact Mark Today!