Dual Agency FAQs
Kenilworth and Cranford real estate agent and broker-manager Michelle David of RE/MAX Vision answers questions sellers and buyers have regarding dual agency.
Frequently Asked Real Estate Questions
Q. If I am a buyer do I need to complete dual agency consent?
A. Yes, both sellers and buyers must complete the disclosures. This gives the agent permission to work for the buyer and seller in a real estate transaction.
Q. Isn’t there a conflict of interest if a sales associate represents both seller and buyer?
A. Realtors have a fiduciary duty to be honest to all parties in real estate matters. Although being a dual agent has, according to the New Jersey Association of Realtors, Inc. (NJAR) a potential for a conflict of interest, the sales associate must be fair and not disclose any information that would cause a disadvantage to either party.
Q. How does a dual agent handle an offer to purchase a home?
A. A dual agent is permitted to only facilitate an offer to purchase a property and counteroffers.
Q. Can a dual agent release confidential information to the buyer or seller?
A. The realtor may only disclose confidential information to the other party if he or she has express written permission from the other party.
Q. What happens if my agent discloses something I didn’t authorize?
A. If your agent has told the other party something he or she shouldn’t have, you can call the broker who can reprimand the agent.
Q. When do I sign consent to dual agency agreement?
A. A seller signs an Informed Consent to Dual Agency disclosure when the rest of the listing paperwork is signed. A buyer signs a similar disclosure when they view a property that is listed by the same realtor.
Cranford Real Estate Agent
If you are asked to sign a document that you don’t understand, you shouldn’t be afraid to ask your realtor questions about what you are signing. Michelle David, broker-manager of RE/MAX Vision, reviews all the documents that sellers need to sign before they are asked to. Buyers are asked if they need an explanation of the documents presented to them also.
Contact real estate agent Michelle David at 908-208-3775 or by email if you have any dual agency questions.
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