What is dual agency in a real estate transaction?

Dual agency in a real estate transaction in Michigan is a situation where a real estate agent represents both the buyer and the seller in a real estate transaction. This means that the agent must remain impartial and must put the needs of both parties ahead of their own interests and wishes. Dual agency is legal in Michigan as long as the agent properly discloses the arrangement to the buyer and the seller and obtains written consent from both parties. It is important that the agent act in a manner that is fair and impartial to both parties. The Michigan Association of Realtors® has established strict guidelines for any real estate agent representing a buyer and a seller in a real estate transaction. This includes requiring agents to ensure that each party is fully aware of the dual agency relationship, providing written disclosure forms to both the buyer and the seller, and having all parties sign the disclosure forms. The agent must also be sure to only provide factual information about the property and must not provide any advice or opinions to either party when acting as a dual agent. Dual agency can be beneficial for both the buyer and the seller as it allows the real estate agent to facilitate the transaction without favoring either party. However, it is important to consider the potential conflicts of interest that may arise when a real estate agent is representing both parties in a real estate transaction. Agents have a fiduciary duty to both parties and must ensure that their actions are in each party’s best interests.

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What is dual agency in a real estate transaction?

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