I recently attended a class on the new agency law that will be going into effect sometime in June 2007.
This class was on April 12, 2007 at Delaware Technical & Community College in Dover and hosted by the State of Delaware..
The purpose of the class was to give Realtors in the State of Delaware an update on the pending legislation in the general assembly. The speakers made it clear that it was still a work in progress and any feedback we gave them would probably be implemented with the pending legislation. From what I got out of the class is that the home owner would no longer be liable for misrepresentation on the part of their agents. There is alot of confusion on who represents who if dual agency occurs. Also, if a house is listed and taken off the market and is relisted by another Realtor then there seems to be alot of confusion on representation if the listed agent for the first listing becomes the buyers agent and shows the home that he had previously listed. I talked to some agents during prospecting last night about the new Agency and we came back with 3 different interpretations of agency and how it affects our clients. This just goes to show how confusing it is.
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