Who Are The Parties To A Written Designated Agency Agreement

Thus, the idea of eliminating dual agency would be too restrictive and would prevent a broker from operating freely in the business market. Brokers/agents would essentially lose their ability to be autonomous and independent, completely violating the principles on which the industry was founded. What always amazes me are the agents who do not understand the dual agency and how it works. In the dual agency, both buyers and sellers lose a fiduciary. Many of you need to research it and UNDERSTAND what a fiduciary means. Jane is interested in buying a property in a new development. She contacts the real estate agent to make an appointment to see some properties and decides to buy one. When preparing her offer, she is informed that the real estate agent, as the designated agent, represents both the buyer and the seller. Jane is not satisfied with this agreement because she does not fully trust the agent to look after her interests and cancels the sale. If you sign this agreement, you will find that it belongs to the agency and not to the agent you are dealing with. It is the agency`s responsibility to represent your interests. The fact that these negotiations require about twice as much integrity, provided that a high level of knowledge and relationships is required, does not prevent some brokers from representing several separate parties in the successful negotiation of the acquisition or marketing of a single property.

As long as all parties agree and have been informed in advance, including significant disclosure that commissions can be negotiated to assist one and other major parties to the transaction. Think of a medium-value estate, a will, and nine equal heirs with the same management functions. Nine brokers? Just a thought. Perhaps the most troubling thing about dual agency is that clients often don`t know that their agent is working for both the buyer and the seller. Perhaps the real estate agent® does not recognize the conflict of interest. Maybe he or she is just doing a bad job of explaining the agency. They ignore what is really happening to have the chance to get both sides of the deal. Whatever the reason, it is quite possible to end up with a double agent without realizing it. It is quite clear that consumers do not receive an accurate description of the dual agency from many real estate agents. Even some of the comments left above confirm this.

By the means, Tom Wemmet – I don`t agree at all. Your statement is just nonsense to confuse the problem. It`s just another way to sell a business that only does the buyer`s agency and nothing more. I have been a real estate agent for about 38 years. This article and the author`s comments grossly mist real estate agents as greedy and ignorant (“Most agents don`t know the laws in their own state”). .

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