How does duel agency or agent disclosure work?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.