Is it ethical for a Realtor to represent buyer and seller?
The definite answer is, yes. But it comes with guidelines to follow per Assembly Bill 1289 Real Property Disclosure Requirements, which you’ll learn more about as you go on reading this article. Dual agency is not illegal in California, but it is a heavily litigated area of real estate law.
What is it called when a real estate agent represents both buyer and seller?
Dual agency real estate is a situation where one real estate agent or broker represents both the buyer and seller in a real estate transaction. … This is a situation where the buyer and seller each have their own real estate agents, but both work for the same real estate brokerage.
Can a transaction broker represent both buyer and seller?
A dual agent represents both the buyer and seller. This means he or she takes on the responsibilities of a transaction broker and will also act on behalf of both clients to negotiate favorable terms.
Is it OK to use same realtor as seller?
Using one agent for both buying and selling might seem like the easiest solution, but that’s true only if your agent is up to the task on both ends of the sale. This means your agent is comfortable with representing you as both a seller and a buyer, and also that she’s familiar with both neighborhoods.
Why do Realtors not want buyers and sellers to meet?
A real estate agent stops that. It’s intimidating to have the sellers in the home when buyers walk through it. They may not feel as comfortable looking in all the areas they want to look. When the sellers aren’t present, buyers feel more comfortable looking around and see everything the home offers.
Can buyer contact seller directly?
Can buyers contact a listing agent directly? Technically—yes. The only people who may frown upon contacting a listing agent are buyer’s agents, who make their commissions based on representing buyers. But there is no law or rule saying a buyer cannot contact a listing agent.
Is dual agency illegal?
Dual agency occurs when a buyer and seller let a single real estate agent (or two agents from the same brokerage) represent them in a transaction. Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.
Why is dual agency illegal?
Dual agency is when one real estate agent is on both the buying and selling sides of the same transaction. … Dual agency describes a situation in which the same real estate agent represents both the buyer and the seller. This creates ethical issues, and the agent’s own interests could end up taking priority.
What if the seller rejected my offer?
What Happens If A Home Seller Doesn’t Respond To An Offer? Typically, the original offer will include a deadline that provides the seller with a date that you need a response. If there’s no response to your home offer by that time, the offer expires. This means you can walk away without any contractual obligations.
Does a transaction broker relationship have to be in writing?
It is presumed that all licensees are acting as transaction brokers unless a single agent or no brokerage status is designated in writing to the customer. … Licensees are presumed to operate as transaction brokers unless one of the other two available brokerage relationships is created in writing.
What is the difference between a transaction broker and a dual agent?
A transaction broker does not represent the buyer or seller, but instead acts as a neutral resource to help both parties complete a home sale. … A transaction broker is not considered a dual agent; dual agency involves an agent or broker who represents both parties simultaneously.
How is a transaction broker different than an agent?
A real estate agent is, by law, legally bound to assist only one party in a real estate transaction. This is also called single agency. A transaction broker, however, remains legally neutral, and can assist the buyer and the seller in a transaction.