Boston Real Estate FAQs / Agency /
What is a Disclosed Dual Agent?
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A broker
can work for both the buyer and the seller on the same property provided the broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes both the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship the broker does not represent either the seller of buyer exclusively and therefore each cannot expect the broker's undivided loyalty. The broker must refrain from giving any specific advice that may have any sort of effect on negotiations, pricing, etc. to either of the parties involved.
Also, if this relationship occurs without specific informed consent of both the buyer and seller, it is called undisclosed dual agency, which is illegal.
Also, if this relationship occurs without specific informed consent of both the buyer and seller, it is called undisclosed dual agency, which is illegal.
Others in this Category
- What is Agency?
- What is the Mandatory Disclosure Form?
- What is a Buyer's Agent?
- What is a Seller's Agent?
- What is an Undisclosed Dual Agent?
- Can I buy a house through a Seller's Agent?
- What are the benefits of a Buyer Agent?
- How do I find out whom an agent represents?
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