In real estate, your real estate agent works on your behalf, whether you are the buyer or the seller. Dual agency means that a broker represents both the seller and the buyer in the same real estate transaction. A double agent must walk a narrow line to be neutral to both parties, and he must not disclose confidential information since. Duse agents, sometimes referred to as transaction agents, are not legal in all 50 states. More complicated forms of the duale agency can also occur. For example, if Betty Smith represents a client as a listing agent and finds him as a buyer for her home, then signs a list contract with the buyer to help her sell her home so she can buy the offer. The obligations of agents of real estate professionals are enshrined in state, contract, law enforcement and licensing laws. Therefore, real estate agents must fully disclose the relationships between two agencies and all parties must understand the conditions and give their full and explicit consent to remain compliant with the law. Double, the obligation of a real estate agent to be loyal to you.
Although the agent remains legally bound to keep your private information confidential, and although he cannot use it to give his other client an unfair advantage over you in the transaction, a lawyer might advise you to pay attention to what you say around your agent. If you are in a dual agency relationship, it can speed up some reaction times. Maybe you`re trying to buy a house and you have a question for the listing agent. This is not a question that would reveal inside information, but something that any potential buyer would want to know. You don`t need to cool your heels and wait for the listing agent to call back your agent with the information, since your agent and the listing agent are the same. There are two real estate licenses in Connecticut, brokers and sellers. When selling a home, you usually deal with the seller, but the offer goes under the license of the broker of that office or company. Technically, all real estate agents work under this broker for you and your offer. The dual agency comes into effect when a broker (company) represents both the seller and the buyer (or the owner and tenant). Double Agency with informed agreement with both parties is authorized in Connecticut by singing a double agency consent agreement. In general, when signing, a buyer or seller introduces the “Dual Agency Consent” form to familiarize them with the concept. However, this must be expressly signed by both designated parties before an offer is made on a particular property.
Consumers should be aware that consent to an alternating agency means, to some extent, that they waive their right to the undivided loyalty of their agent.