Best answer: Can a Realtor represent two buyers on the same property in California?

Legally and ethically, it is possible for a real estate agent to represent two or more competing buyers on the same property. The real estate agent would have to disclose to all parties that there is a multiple representation situation. If you accept the disclosure, then you can proceed.

Can I represent 2 buyers in the same property?

In a designated agency brokerage, two different real estate professionals who have two different clients that want to buy the same property have no conflict of interest. … There would only be a conflict of interest if the same designated agent represents both clients.

Can Realtors represent both sides?

Dual agent – A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties’ express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.

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Can a real estate agent represent both parties in California?

It is well known that under California law a real estate broker may act as a “dual agent” for both the seller and the buyer in a property transaction, provided both parties consent to the arrangement after full disclosure. In such representation, a dual agent owes fiduciary duties to both buyer and seller.

What is dual representation in real estate?

Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.

Can the same realtor represent the buyer and seller?

Dual agency real estate is a situation where one real estate agent or broker represents both the buyer and seller in a real estate transaction. … Dual agents are required to be neutral when it comes to all parts of a real estate transaction, and dual agency is only permitted if both the buyer and seller consent to it.

Is a Realtor and real estate agent the same?

Real estate agents have a professional license to help people buy, sell, and rent real estate. … A Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR). Members must comply with NAR’s strict Code of Ethics.

Can a real estate agent represent two competing buyers on the same property?

Legally and ethically, it is possible for a real estate agent to represent two or more competing buyers on the same property. The real estate agent would have to disclose to all parties that there is a multiple representation situation. If you accept the disclosure, then you can proceed.

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What is dual agency in California?

Legally speaking, a dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.

What happens when a broker fails to disclose their dual agency?

Failure to disclose is a breach of the broker’s fiduciary duty. … the loss of their brokerage fee and any other benefits received in the transaction; liability for their principals’ money losses; and. disciplinary action by the California Department of Real Estate (DRE).

Can an agent represent buyer and seller in California?

CA Assembly Bill 1289 on Dual Agency:

A real estate agent, either acting directly or through one or more salespersons and broker associates, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer.

Can a Realtor represent themselves as a buyer in California?

As salespeople, they can represent themselves during the property transaction. … So, when they buy or sell a new property, they can put their commission towards their next big investment.

Why is dual agency allowed?

Dual Agency and the Types of Real Estate Agency

Agency roles (and the laws surrounding them), vary from state to state. Dual agency in California is legal when it is properly disclosed, both parties consent to the arrangement, and the agent(s) don’t disclose confidential information to the other party.

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How do you tell a realtor you’re going with another agent?

During your scheduled call, tell your real estate agent you’ve chosen to work with someone else and thank them for their time. They may ask if you’ve signed an exclusivity agreement with someone else. You don’t need to disclose any other information if you don’t want to.

Can a buyer have multiple agents?

There are no regulations or laws stating that buyers cannot use more than one agent or realtor; however, realtors have a code of ethics they follow, and they cannot interfere with another agent’s sales. They will not want to work for a client who is not committed to them or who is attempting to use multiple agents.

Why dual agency is bad?

At best, they say, dual agents can’t fulfill their fiduciary obligations to both parties. They can’t advance the best interests of both buyer and seller because those interests always diverge. At worst, dual agency creates a harmful conflict of interest.