What is a dual agency in a real estate transaction?

A dual agency is a situation in which one real estate agent is representing both parties involved in a real estate transaction. In Florida, dual agencies are regulated by the Florida Real Estate Commission in an effort to ensure that any real estate transaction is handled in an ethical and legal manner. Because the interests of the buyer and seller do not always align, having one real estate agent represent both parties in a transaction creates a unique and complex situation. To ensure that the rights of all parties involved are respected and protected, dual agency agreements must be put in place. When a dual agency is established, the real estate agent must clearly define the roles and obligations of the various parties. The agent must disclose any information that could influence the outcome of the transaction. Additionally, the real estate agent cannot provide favoritism to either the buyer or the seller. Ultimately, it is important for anyone considering using a dual agency in a real estate transaction to understand the relevant laws in Florida. It is also important to remember that the real estate agent is legally bound to act in the best interests of both the buyer and seller in the transaction.

Related FAQs

How do I protect myself if I discover a defect in a home I am buying?
What is a title search and why should I do one?
What is the difference between an affidavit of title and a title commitment?
What is the difference between exclusive right to sell and exclusive agency?
What are escrow services?
What are escrow instructions?
What rights do I have when buying a home?
What are closing costs?
What is an assignable mortgage?
What is a disclosure statement for a purchase agreement?

What is a dual agency in a real estate transaction?

Related FAQs

Related Blog Posts