Avoiding Liability for Real Estate Agent
Having proper representation in my opinion is the start of good negotiations and avoiding liability. Just as buyers and sellers in a transaction never use the same attorney, wouldn't that principal also apply in regards to the real estate agent? Yes I know its nice to get both ends of the commission but intrinsically there are many risk to this double representation. For the real estate agent representing the buyer and the seller in a the real estate transaction can increase your liability.
Real estate liability exist because it is impossible to give both parties the same degree of loyalty and the confidentiality of the transaction could be compromised.
As a buyer's agent I breath so much easier knowing I work for the best interest exclusively of my Buyer Client. Negotiations become just that and not responses to keeping everyone happy.
What is a buyers agent, dual disclosed agent, transaction broker, etc?
Here is a link to the NJ Consumer information Statement that provides and explanation to buyers and sellers about the different roles that a real estate agent can portray in the transaction.
Listing agents have you every considered referring buyers to a Buyer's agent?
Here is a thought... maybe this is something you would consider next time you possibly see yourself representing buyer and seller.
Do you have access to a list of Accredited Buyer Representatives in your area?
This is an elite group of real estate agents with a high degree of training and experience to deal exclusively with a buyer client. (Sorry I am not being so humble here since I have ABR certification).
To avoid real estate liability work closely with a real estate agent that is an ABR....things will go well and closing will be successfull.
What is an ABR accredited real estate agent?
Follow this link for a directory or to learn more about ABR Certification.