Dual Agency and You
You are in the market to purchase a home and your Realtor has been showing you properties to no avail.One morning you are taken down a tree-lined street to the home of your dreams.You want to make an offer on the spot .Your Realtor indicated that before an offer can be made ,you need to sign an acknowledgment and consent for dual agency. You have heard this term before-buy what is it exactly?
Dual agency occurs when a Realtor is acting for both the vendor and the purchaser in the same transaction.In this situation ,dual agency has occurred because the Realtor is showing you one of his listings,The Realtor is therefore also acting for the vendor.
What benefit is it to you to use the same Realtor as the vendor?.Generally speaking ,there is no benefit at all.There is only the potential for one's interests to be compromised.The Realtor is now in the position where they have knowledge of your maximum price,financing arrangements and other information that compromises your ability to negotiate price and terms
When in dual agency situation ,buyers and sellers must understand that they are on their own as to negotiate strategy ,and must not expect the Realtor to take a side or to give advice.Technically ,the Realtor ceases to be a fiduciary ,and transformers as a deal facilitator.The Realtor can no longer act as an advocate.