How does duel agency or agent disclosure work?

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How does duel agency or agent disclosure work?

When a real estate agent and/or broker is representing both the seller and the buyer, legally doesn’t that agent (or) broker have to disclose that to the seller in black and white, and have them sign a -Duel Agency Consent Agreement? If the agent does not, aren’t they in violation of the law and the are subject to charges being bought up against them, plus the agency they work for?

Asked on June 20, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Under the laws of all states in this country (typically civil code) a real estate agent who represents both the buyer of real property as the selling agent and the seller or real property as the lisitng agent is required to prepare an agent's disclosure concerning the dual agency situation to be signed by both the buyer and the seller before the transction closes escrow.

Failure for the agent to do so can subject him or her to an administrative action by the department of real estate in the state where the agent has the license or even a lawsuit IF one party is damaged in the transaction due to the failure to disclose the dual agency scenario. The affiliated brokerage of the agent could also be subject to an administrative hearing and/or a lawsuit given the circumstances of a given matter.

 


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