If a real estate agent working on the sale of a particular home also represents a client who might be interested in buying that home, by law, the agent must provide both the seller and the potential buyer with a "Dual Agency Consent Agreement" form to sign.
A sales agent is supposed to work only for the seller, but by signing the Dual Agency Consent Agreement, the seller waives that right and agrees that the agent is free to represent both buyer and seller in the deal.
The form outlines the process to be followed to ensure that the sale is completely fair to both the seller and buyer.
Neither seller nor buyers should agree to Dual Agency if they feel it's not in their best interest.
IMPORTANT: Some agents urge clients to sign a Dual Agency form (as “just a formality”) when they sign the agent up to sell their home. This is not a fair practice. Consumers should not sign the Dual Agency consent form in advance. A seller should sign the form only if and when another client of their sales agent is ready to make an offer on the seller's home.
Content Last Modified on 4/12/2012 1:15:25 PM