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RE/MAX Affiliates
Katie McCartney |
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(866) 232-5248 |
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The Truth About Dual Agency
Apr 28, 2008 | 
I read an article in the Sunday, April 27, 2008 Columbus Dispatch entitled Buyers should make sure agent is acting in their best interests by Ilyce Glink. I truly believe that Ilyce Glink is doing an injustice to dual agency in her opinion piece. Now, it was apparent that the real estate agent referenced in the opinion piece did not properly conduct a dual agency situation. Yes, this specific agent did not treat the buyer as a client. It was evident with her actions of non disclosure of the septic field situation. Let's do some definitions to clear up what dual agency is.
Circumstances when a dual agency may occur are as follows*:
- a licensee who represents both the buyer and the seller as clients in the same transaction
- a brokerage that represents both the buyer and the seller as clients in the same transaction
- a management-level licensee who represents a client in an in-company transaction
A dual agent must*:
- treat both clients honestly
- safeguard each party's confidential information
- disclose latent material defects if known
- provide information regarding lenders, inspectors, etc., if asked
- provide marketing information if requested
- prepare and present all offers as directed
- assist both parties in completing the transaction if requested
Always, always, always be sure you sign a disclosure form regarding the dual agency. Do NOT assume you are in a dual agency relationship!
Sometimes in the heat of the moment it is difficult to think about IF this agent is representing ME. The question that you should always ask yourself "Has this person been up front and honest with me the whole entire time?". If the answer is "NO", then you should find someone else to represent you. Being a dual agent is not an easy task for a real estate agent due to the complicated nature of being a dual agent. You, the client, must be 100% comfortable with the situation before you enter into a dual agent situation.
*Dual Agency information from Ohio Real Estate Principles & Practicies and Ohio Real Estate State-Specific Sales Review Crammer by Hondros Learning.
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