Dealing With Dual Real Estate Agents West Haven CT

Historically, real estate agents have represented the seller of a property. The seller, after all, is usually the one who pays their commission, and agents therefore have a fiduciary relationship with the seller.

Local Companies

Apple Management
203-498-2509 x 4
240 Butler Street
Hamden, CT
Joanna Martin/Coldwell Banker
203-453-4477
226 East Main Street
Branford, CT
Homewood Inspections, LLC
203-640-7526
1182 Hartford Trpk
North Haven, CT
CT House LLC
800-711-8815
STE 976
North Branford CT, CT
Scholastic Mortgage
203-453-5555
96 Broad Street
Guilford, CT
Wells Fargo Home Mortgage
203-458-0140
125 Water Street
Guilford, CT
Coldwell Banker Coast & Country
203 458-4100
1250 Boston Post Road
Guilford, CT
H. Pearce Real Estate Co., Inc
203 453-2737
88 Broad Street
Guilford, CT
Page Taft GMAC Real Estate
203-453-6511
89 Whitfield Street
Guilford, CT
Page Taft GMAC Real Estate - Paula Baraket
203-453-6511
89 Whitfield Street
Guilford, CT

More recent trends have introduced buyer's agents, who usually work on a fee basis exclusively for the buyer, and dual agents. Dual agents represent both seller and buyer, particularly in cases where the agent's company is the listing company. Dual agency is legal in most U.S. states; however, most consumer advocacy organizations recommend against using a dual agent. This is because there is an inherit conflict of interest for the agent - they receive a commission based on the selling price of the property. The higher the price, the higher their commission, so their reasoning is that dual agents never really have the buyer's best interests at heart.

If you've decided to work with a dual agent, this will need to be disclosed to both the buyer and seller, and they both have to agree, in writing. Dual agents are bound by law and ethics to treat both buyers and sellers honestly, equally, and fairly. Dual agents can be prevented from divulging confidential information about each party to the other. This could severely harm negotiating positions.

The bottom line in dealing with a dual agent is to remember that the buyer and seller have conflicting interests in the price and other terms of the sale. It's very difficult for an agent to truly and equally represent both parties, since the conflicting interests make that inherently impossible. If you do choose to use a dual agent, be sure the exact nature of your relationship with the dual agent is clear, know what services the agent will be performing for you during the transaction, how the agent will be paid, and how any conflicts that arise will be handled.

About the Author:

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Apple Management

203-498-2509 x 4
240 Butler Street
Hamden, CT

Related Local Event
Live South Real Estate Show-Melville
Dates: 9/18/2009 - 9/20/2009
Location: Melville Marriott, New York
Melville, NY
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History