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I'm currently trying to sell some vacant land and have received an offer from a prospective buyer. I noticed that it lists my real estate agent as a dual agent. The buyer apparently doesn't have his own agent. Should I be concerned that my interests are being protected? Does this mean the agent is working for me and the buyer? Any comments appreciated. Thanks.
That is what that would mean.
But I don't understand how you could just get a surprise like that. I would have thought it would be discussed with you first. Then you and the buyer would have to agree to that in writing before the offer was presented. Here in NM, we can't just say, surprise! I'm a dual agent now! Both parties have to agree in writing.
Well, in the information(pamphlet) about the agency that we received when we signed the listing contract, it mentions dual agency(basically tells what it is) but the listing contract itself doesn't address it. And, no, it wasn't mentioned before we received the offer. What should our concerns be, if any?
A good licensee/Realtor/Agent knows this is a very fine line -s/he has to give you all the information about the financial ability of the buyer to perform. s/he has to give the buyer all material facts about the property that s/he actually knows.
Is it a good offer? Does it meet your needs? Land sales are simpler. Less emotion. Less complications. Focus on the bottom line. Does this contract work for you?
Well, in the information(pamphlet) about the agency that we received when we signed the listing contract, it mentions dual agency(basically tells what it is) but the listing contract itself doesn't address it. And, no, it wasn't mentioned before we received the offer. What should our concerns be, if any?
You should be concerned. A dual agent doesn't represent the interests of either party. You should also be concerned if your listing agent switched from the seller's representitive to a dual agent without getting your approval in writing. If this actually happened your agent may have committed a severe ethics violation(it would be that in TN, but I don't know about the law where you live) and be subject to disciplinary action. Just based on the little information you gave, it sounds like this agent is trying to make a few extra bucks and not doing it honestly.
pfdmed,
You should be concerned. If you were in litigation, would you want the same attorney representing you, as well as the opposing party? Your interest is to get the best qualified buyer and the most amount of money for your property. The buyer's interest is to pay the least. I don't understand how one agent can represent both interests and still perform the obligations they owe their clients to work on their behalf. If you're not comfortable with the dual agency relationship, your agent can always refer the buyer to a trusted colleague.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Dual agency is still permitted in many states (including CA). Operationally, if one of my agents has both the buyer and the seller as clients, I take one of them under my wing and we proceed to closing. The "chinese wall" created is sufficient enough for my errors and omissions insurance carrier.
CA law says that the sellers agent owes the fiduciary obligation to the seller and the buyers agent owes fair dealing to the seller. It's more than that, but that's the basics.
We do dual agencies all the time, we've never had a lawsuit over the representation issue (knock on wood). If you have concerns, voice them with your agent, if you don't like the answers you get, see if your agent will do the same thing as we do and get another agent or broker/owner to represent the buyer.
Congrats on the offer! Wow, that was quick...you only listed in July, no? Good for you!
I don't know of a state that allows an agent to change their relationship without notice and written permission. Apparently the agent is doing so in the contract itself. If you are concerned, call and ask the agent or the broker what that means to you. If you are still concerned, ask for them to assign a different agent to the buyer or have no representation. But as stated above, dual agency is used quite a bit and quite successfully.
And... congratulations!
I'm currently trying to sell some vacant land and have received an offer from a prospective buyer. I noticed that it lists my real estate agent as a dual agent. The buyer apparently doesn't have his own agent. Should I be concerned that my interests are being protected? Does this mean the agent is working for me and the buyer? Any comments appreciated. Thanks.
I think my biggest concern is that it appears you have not asked your agent about this little surprise.
A good question to ask is, "Have I allowed Dual Agency?" And, "How did I do that?"
It could be that it is considered dual agency with another agent in the office. What that means is that your agent and the buyers agent both work for the broker, who really "owns" your listing. In VA, that is considered Dual Agency. I would just talk to my agent, like Mike suggested and find out what the impact is to you.
congrats on the offer for your property.
shelly
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