What is dual agency in a real estate transaction?

Dual agency in a real estate transaction is when a single real estate broker or agent represents both the buyer and the seller during the transaction. This means that the agent or broker needs to remain unbiased, and they are only able to provide assistance to both the buyer and seller throughout the process. Dual agency allows for greater convenience since both parties won’t be required to find and hire separate agents or brokers. Additionally, dual agency reduces the complexity of the transaction, as all parties will be able to work with the same real estate agent throughout the process. In the state of Oregon, dual agency is regulated by the Oregon Real Estate Agency (OREA). OREA dictates that real estate agents must inform all parties involved in the transaction that they are acting as a dual agent. This includes providing all parties with a statement of agency disclosure which outlines all the duties and obligations of the agent and how the parties will be represented. Furthermore, the agent must remain unbiased and cannot favour one party over the other. This means that the agent cannot tell the buyer or seller anything that would create an unfair advantage in the negotiations. Overall, dual agency in a real estate transaction can be beneficial for both parties since it simplifies the process and provides convenience. However, it is important that all parties involved are aware of the regulation and restrictions that come with having a single real estate agent represent all parties in the transaction.

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What is dual agency in a real estate transaction?

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