Can a Realtor represent both parties in your state? Dual Agency is illegal here in Kansas so we have what is called "Transaction Broker" where we represent neither party and simply write up the contract and let both the buyer and seller know what their options are but we cannot advise them.
If we are in this Transaction Broker role, we are to suggest that the parties obtain expert advice but if they choose not to do so, we keep the parties fully informed and assist the parties in closing the transaction. Both parties have no relationship with an agency.
I will update this chart as the results come in:
Dual Agency in the State of:
District of Columbia
Iowa - Legal but with multiple forms that must be filled out per Comment by Lucky Lang:
Dual Agency is legal in the wonderful state of Iowa! We have multiple forms that must be filled out with time and date acknowledgement.
Kansas - Illegal
New York Legal - but it is not recommended per Comment by Rosario Lewis:
Dual Agency is legal in NY, but it is not recommended. The possibility of conflict of interest is all too great.
Tennessee - Legal (but VERY touchy situation per Comment by Melissa Grant:)
We can do Dual Agency here in TN only it is a mountain of paperwork with specific forms and even then we are skating on thin ice. Here, we use ALOT what is called Facilitator which is most like your transaction broker, same rules apply. Dual Agency is a VERY touchy situation and we are still working on this issue with the board etc to define what forms etc exactly are needed. It never really was used alot but now lately it has come up alot more often. I think I may just stick to the Facilitator and Cover my tail !
Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE 2-10 Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI Realtor®
Rob's Blog at www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (four convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
112 E. 10th, Eudora, KS 66025
1037 Vermont, Lawrence, KS 66044
3300 Clinton Parkway Ct., Lawrence, KS 66044
300 Rockfence Place, Lawrence, KS 66049
785-393-2274 (cell) 206-339-3199 (fax)