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Multiple Representation
Or Dual Agency by another name
Whether you are a home buyer or seller, it is important for you to understand the legal nature of the agency relationship you have with your agent. Your agent must act in your best interest while representing you in a real estate transaction. This gets complicated if you find yourself in a “multiple representation” situation.
What is dual agency? Basically, it means that a real estate agent is representing both the buyer and seller in a real estate transaction, which is legal in Ontario but … A real estate agent who is working as a dual agent could easily find herself in a conflict of interest by trying to represent the best interests of both parties.
So, what should you do if you find yourself in a dual agency transaction? First, insist on clear communication at all times. Second, be explicit with the agent about your needs in the transaction. Third, check with the agency’s broker of record if you have any questions or concerns.
If all the involved parties work hard toward a smooth transaction, dual agency doesn’t need to be a problem. But, it is your right and responsibility to ask questions and make sure you are not being disadvantaged. It can be a complicated situation, so if you have questions or want more information about dual agency, ask until you are satisfied.
February 5, 2008 in Agency Matters | Permalink
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Comments
Thanks for sharing.
Posted by: Marilyn Monroe Condos | Aug 15, 2012 10:38:22 AM
Buyers and sellers each need their own advocate to act on their own behalf.
Posted by: Prince William Homes | Mar 1, 2009 8:30:10 PM
I can see where communication is necessary in this type of situation.
Posted by: Daytona Beach Condos For Sale | Feb 11, 2008 1:24:42 PM
The most important issue when you are selling or buying your house is that you communicate your needs and the conditions of the sale you are prepared to go ahead with. Dual agency shouldn't be a problem when both parties are crystal clear what is going within the legal framework. In most cases dual agency is a bless since it improves the speed of the selling process.
Posted by: Toronto condos | Feb 6, 2008 6:16:56 AM
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