Legally and ethically, it is possible for a real estate agent to represent two or more competing buyers on the same property. The real estate agent would have to disclose to all parties that there is a multiple representation situation. If you accept the disclosure, then you can proceed.
Can a realtor show 2 clients the same house?
If both clients agree that the brokerage or designated agent can continue to represent both of them, the representation of the clients will change. The brokerage or designated agent cannot tell one client’s confidential information to the other client even if it will help them get the property.
Can a realtor have more than one client?
A salesperson cannot be appointed by both buyer and seller for the same property transaction. He can only act for one party. The same prohibition also covered the rental transactions. The ban on dual representation applies to all property transactions, including residential, commercial and industrial properties.
Can two agents list the same property?
A: YES! All real estate contracts are negotiable! But the key is to find agents that “work” together, even if they don’t work for the same brokerage. … A:The simple answer to this would be that when you list your home with a real estate company, make sure they are members of the local multiple listing service (MLS).
Can a realtor represent both parties in the same transaction?
Dual agent – A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties’ express consent. … There should be no favoritism of either a buyer’s interest or a seller’s interest.
What happens when there are multiple offers on a house?
When there are multiple offers, the seller typically takes one of three actions: Accepts the most favorable offer. Counters all offers to give everyone a chance to come back with a better bid in an effort to get the best price and terms. Counters the offer closest to the price and terms the seller’s seeking.
Can estate agent tell you other offers?
Monty’s Answer: Real estate agents are not allowed by law to share your offer with other buyers or any other details of your proposal with anyone except the seller. … The seller can share your offer with other potential buyers. This type of clause is often called a price escalator or acceleration clause.
How do you tell a realtor you are going with another agent?
During your scheduled call, tell your real estate agent you’ve chosen to work with someone else and thank them for their time. They may ask if you’ve signed an exclusivity agreement with someone else. You don’t need to disclose any other information if you don’t want to.
What is a dual agent in real estate?
Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.
Is a dual agent a good idea?
The bottom line is that dual agency is certainly a good thing for the agent but is typically a negative scenario for both the buyer and seller, as neither party is getting fair representation. This is an especially negative arrangement for inexperienced buyers and sellers who really need professional guidance.
Can two realtors work together?
There are no regulations or laws stating that buyers cannot use more than one agent or realtor; however, realtors have a code of ethics they follow, and they cannot interfere with another agent’s sales. They will not want to work for a client who is not committed to them or who is attempting to use multiple agents.
Why are there two listing agents?
In “designated agency, ” two agents from the same brokerage respectively represent the buyer and seller. … That’s because agents are required to be licensed with a broker and the legal relationship is between the buyer or seller and the brokerage, according to a spokesman for the National Association of Realtors.
Can I have 2 agents selling your house?
You can have one, two or more agents working for you. They can be: sole agent. joint sole agents.
Is Double ending legal?
Dual agency, wherein a single agent represents both the buyer and the seller in a transaction, with fiduciary duties to both, is permitted in all but eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.
Can buyer and seller use the same Realtor?
CA Assembly Bill 1289 on Dual Agency:
A real estate agent, either acting directly or through one or more salespersons and broker associates, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer.
What happens if dual agency is undisclosed?
If the dual agency is neither disclosed to nor approved by both parties to the transaction, undisclosed dual agent cannot recover any compensation, and a principal can rescind the transaction. Unintended dual agency can occur whether one or two brokers are involved.