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Dual Agency
Dual agency is a situation in which a real estate salesperson represents both the seller and buyer in a real estate transaction. This situation happens most often when a real estate buyer contacts the listing agent directly, rather than their own realtor, when expressing an interest in the property. If a buyer wishes to make an offer on a property, both the buyer and seller need to consent to the dual representation before the salesperson can enter this dual agency. This consent form would outline how the duties and responsibilities of the salesperson changes under the terms of the dual representation. One of the main reasons that buyers and sellers agree to such an arrangement is to streamline the process of completing a real estate transaction as one person may be in contact with both the buyer and seller.