What is a dual agency in a real estate transaction?

A dual agency is a real estate transaction situation in which both the buyer and the seller are represented by the same agent. This agent is known as a dual agent, and they are responsible for looking out for the best interests of both parties in the transaction. In the state of Delaware, dual agency is allowed, but there are certain regulations in place to protect the rights of both the buyer and the seller. In a dual agency, the agent is required to remain impartial and provide both the buyer and the seller with the same level of service. However, the agent is prohibited from providing either party with legal advice or advocating for one side over another. The agent is required to keep all information confidential and provide full disclosure to both parties. As the seller, you should be aware that a dual agency does not give the agent the incentive to negotiate the best possible sale price for you. Instead, the agent’s goal is to reach an agreement between the buyer and seller that is fair and reasonable for both parties. In addition, there are certain duties the agent is required to fulfill in a dual agency situation. This includes providing both parties with a fair and accurate understanding of the terms of the transaction, adhering to state and federal laws, and avoiding situations where conflicts of interest may occur. Dual agency is an increasingly common real estate transaction structure in Delaware, but it’s important to understand the regulations that come with it. Knowing your rights as a buyer or seller in a dual agency situation can help ensure that your interests are properly represented.

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