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Dual agency
occurs when the same brokerage represents both the
seller and the buyer under written agreements.
Individual state laws vary and interpret dual agency
rather differently. |
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Some states do
allow a broker and one agent to represent both sides of
the transaction as dual agents. In those situations,
conflict of interest is more likely to occur, typically
resulting in the loss of advocacy for both parties. |
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If state law
allows for the same agent to represent both the buyer
and the seller in a single transaction, the
brokerage/agent is typically considered to be a Dual
Agent. Special laws/rules often apply to dual agents,
especially in negotiating price. |
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Many states no
longer allow dual agency. Instead, transaction brokerage
provides the buyer and seller with a limited form of
representation, but without any fiduciary obligations
see Florida law. |
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Buyers and
sellers are generally advised to consult a licensed real
estate professional for a written definition of an
individual state's laws of agency, and many states
require written Disclosures to be signed by all parties
outlining the duties and obligations. |
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There are advantages and disadvantages to
single-detached homes. Advantages are that the entire space
around the building is private to the owner and family, in
most cases depending on federal, state/provincial and local
laws you can add on to the existing house if more room is
needed and there are generally no property management fees
such as the ones associated with condominiums and townhomes.
There are also many disadvantages to
owning a single-family detached home. All maintenance and
repair costs interior, exterior and everything in between
are at the owner's expense. There is often a lack of
amenities such as pools and playgrounds although some
single-detached homes do have these features within the lot
or nearby, their owners are commonly required to pay a
homeowners fee as those in condos or townhomes. Landscaping
and lawn upkeep costs are at the owner's expense.Large,
inner city neighborhoods are so densely populated that there
is generally not room for houses devoted to just a single
family. Yet the outer districts of larger cities are usually
transitional areas with equal shares of smaller apartment
buildings and single-detached homes. Among the wealthy
industrialized nations, single-detached homes are most
common in the United States, Canada, Australia, Northern
Europe and New Zealand. |
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Traditionally, the broker provides a conventional
full-service, commission-based brokerage relationship
under a signed listing agreement with a seller or buyer
representation agreement with a buyer, thus creating
under common law in most states an agency relationship
with fiduciary obligations. The seller or buyer is then
a client of the broker. In some states notably Maryland,
Dual Agency can be practiced in situations where the
same brokerage (but not agent represent both the buyer
and the seller.
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Agency relationships in residential real estate
transactions involve the legal representation by a real
estate broker on behalf of a real estate company of the
principal, whether that person or persons is a buyer or
a seller. The broker and his/her licensed real estate
agents.then becomes the agent of the principal.If one
agent from the brokerage has a home listed and another
agent from that brokerage has a buyer-brokerage
agreement with a buyer who wishes to buy the listed
property.
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Agreement nor fiduciary relationship exists, a real
estate broker and his agents works with a principal who
is then known as the broker’s customer. When a buyer,
who has not entered into a Buyer Agency agreement with
the broker and buys a property, then that broker
functions as the sub-agent of the seller’s broker. When
a seller chooses to work with a transaction broker,
there is no agency relationship created.
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