What is a dual agency in a real estate transaction?

A dual agency is a type of real estate transaction in which an agent represents both the buyer and the seller in a real estate transaction. This type of arrangement is most common in New York, where the law requires that a seller and a buyer of real estate must both be represented by the same agent. In a dual agency situation, the agent is not able to offer specific advice to either the buyer or the seller. The agent’s role is to provide general information about the transaction. Additionally, the agent must treat both parties fairly when negotiating a purchase or sale price. A dual agency is also beneficial because it prevents any potential conflict of interest that could occur between a buyer and seller. Since both parties are represented by the same agent, the agent can’t be influenced by either the buyer or seller. In New York, a dual agency must be disclosed in writing to both the buyer and the seller. The buyer and seller must sign a disclosure agreement in order for the agent to continue to represent both parties. The agreement should explain the agent’s duties and responsibilities, and be used to ensure the agent is acting in the best interests of both the buyer and the seller.

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What is a dual agency in a real estate transaction?

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