What is Limited Dual Agency?
The Ironworkers Bridge linking North Vancouver and BurnabyLimited dual agency is where an agent represents both buyer and seller (landlord and tenant) in a real estate transaction. In a typical agency relationship the agent has previously been appointed as the agent to one of the parties. Usually they have been appointed by the seller to sell the seller’s property as evidenced in the signing of a Listing Contract. Since the agent has already become obligated to act in the best interest of the seller the agency relationship needs to be altered. A new agency relationship which limits the duties and obligations of the agent is created. This relationship requires that both the buyer and seller give their written consent to this relationship. This is accomplished by the agent, seller and buyer signing a Limited Dual Agency Agreement.
Limited dual agency is where an agent represents both buyer and seller (landlord and tenant) in a real estate transaction. In a typical agency relationship the agent has previously been appointed as the agent to one of the parties. Usually they have been appointed by the seller to sell the seller s property as evidenced in the signing of a Listing Contract. Since the agent has already become obligated to act in the best interest of the seller the agency relationship needs to be altered. A new agency relationship which limits the duties and obligations of the agent is created. This relationship requires that both the buyer and seller give their written consent to this relationship. This is accomplished by the agent, seller and buyer authorizing a Limited Dual Agency Agreement.
Limited dual agency is where an agent represents both buyer and seller (landlord and tenant) in a real estate transaction. In a typical agency relationship the agent has previously been appointed as the agent to one of the parties. Usually they have been appointed by the seller to sell the seller’s property as evidenced in the signing of a Listing Contract. Since the agent has already become obligated to act in the best interest of the seller the agency relationship needs to be altered. A new agency relationship which limits the duties and obligations of the agent is created. This relationship requires that both the buyer and seller give their written consent to this relationship. This is accomplished by the agent, seller and buyer authorizing a Limited Dual Agency Agreement.
Limited dual agency is where an agent represents both buyer and seller (landlord and tenant) in a real estate transaction. In a typical agency relationship the agent has previously been appointed as the agent to one of the parties. Usually they have been appointed by the seller to sell the seller’s property as evidenced in the signing of a Listing Contract. Since the agent has already become obligated to act in the best interest of the seller the agency relationship needs to be altered. A new agency relationship which limits the duties and obligations of the agent is created. This relationship requires that both the buyer and seller give their written consent to this relationship. This is accomplished by the agent, seller and buyer authorizing a Limited Dual Agency Agreement. More FAQ’s for buyers I hope this has been helpful to you but if you have a question that was not answered on this page please contact me I’m here to help you.
Oftentimes, a buyer will work with the agent who has listed a piece of property for sale. If the agent represents only the seller, the agent will disclose this agency relationship to you in writing through a Commission-approved Agency Disclosure Form. In this instance, the buyer would be a customer, not a client. Customer status means that the buyer will be treated with honesty and fair dealing by the agent, but you will not be represented by the agent. You have the right to seek your own representation. If the agent has the consent of both parties to act in a limited-dual-agency capacity, then the agent will be representing both the buyer and the seller in a limited way. Once the agent represents both sides of a deal, the agent cannot perform as many of the actions or duties as he or she could when representing only one party. For instance, the agent cannot try to get the highest price for the seller while also getting the lowest price for the buyer. Remember: An agency relationship r
