What is dual agency in a real estate transaction?

Dual agency in a real estate transaction is when a single real estate agent represents both the seller and buyer in a residential real estate transaction. In South Carolina, dual agency is allowed but is heavily regulated. There are certain conditions that must be met in order for a real estate agent to perform dual agency. The agent must disclose to both parties that they are representing both parties, the agent must also inform both parties that they must remain impartial and not share confidential information with either party. Additionally, the agent must disclose any potential conflicts of interest and any other material information that could affect the transaction. The agent must also obtain the consent of both parties after full disclosure. The consent must be written and must clearly state that the agent is representing both the buyer and the seller in the same transaction. This is referred to as a dual agency disclosure and consent form. In South Carolina, dual agency also requires that the agent obtain a signed agreement from each party that they understand and will comply with the rules of dual agency as outlined in the South Carolina Residential Real Estate Law. This agreement must be signed before a transaction is completed. Dual agency is a beneficial tool in some real estate transactions, as it allows one real estate agent to represent both parties. However, it is important to understand the rules and regulations governing dual agency transactions in South Carolina in order to ensure the best outcome for all parties involved.

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