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Dual Agency, Bad for Buyers (And Sellers!)
When I first began my career in Real Estate, I observed agents as they asked consumers to agree to dual agency. Sellers are often asked to do so when they list the home. Buyers are often asked to do so when writing an offer.When taking a listing they may have said something like:
Initialing here allows me to bring a Buyer for your home.
When writing a contract with a Buyer, they may have said something like:
Initialing here allows me to help you with the paperwork to buy this home.
No discussion whatsoever about what fiduciary duties a Seller or Buyer may be giving up when they initial or sign the documents.While the definition of Agency Relationships varies from State to State, that doesn't mean that proper disclosure of what a Buyer or Seller loses by agreeing to dual agency should not take place by every licensee. I believe that if most of the public were truly educated well about what they lose in a dual agency relationship, many fewer, if any, consumers would consent to a dual agency relationship.A true agent only works for a Buyer or a Seller... NOT themself.
Buying a home in Salt Lake City ... more

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