Dual AgencyHow can a Realtor represent both Buyer and Seller at the Same Time?
Dual agency occurs when a Realtor is representing both buyer and seller in the same transaction. Since the Realtor has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.
If you find yourself involved in a dual agency relationship, before making or receiving an offer, both you and the other party will be asked to consent in writing to this new limited agency relationship.
This relationship involves the following limitations:
1) The Realtor will deal with the Buyer and the Seller impartially.
2) The Realtor Agent will have a duty of disclosure to both the Buyer and the Seller except:
i)the Realtor will not disclose that the buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing;
ii)the Realtor will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer and the Seller;
iii)the Realtor will not disclose personal information about either the Buyer or the Seller unless authorized in writing.
3) The Realtor will disclose to the buyer defects about the physical condition of the Property known to the Agent.
Kent Jorgenson personal real estate corporation
Re/Max Kelowna 100-1553 Harvey Ave
Kelowna BC V1Y6G3