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Hi guys, I'm trying to buy an apartment and have to fill out forms agreeing to the real estate agency I am working with to:
1. establish a Buyer's Agency Relationship with me
2. for me to acknowledge Dual Agency Consent
In very simple language what does this mean? Thanks!!!!!!!!!!!!
[New Jersey]
Every state is different in the nuances of what this means, but in a nutshell, it sounds like you're being represented by the Broker/Agency that also represents the Seller. Generally, I'd say this is NOT a good thing, but it would depend on your exact circumstances.
Are you working directly with a listing agent to buy a property you found on your own? You need someone (an individual agent) acting on your behalf representing your interests only.
Here is a good explanation of dual agency.
http://www.realtor.org/rmomag.nsf/pages/lawapr07 (broken link)
Steve
Last edited by austin-steve; 05-14-2007 at 09:59 AM..
Reason: typo
Nothing is simple in NJ. Carefully read the Consumer Information Statement on Real Estate Relationships. This should have been given to you the first time you met with your agent. A Buyer's agent works ONLY for the BUYER. A disclosed dual agent WORKS FOR BOTH THE BUYER AND SELLER and must first obtain the informed written consent of the buyer and seller. Disclosed Dual agency occurs when an agent with ABC Realty shows you, the buyer, the ABC Realty listings. I hope this makes sense to you. Good luck.
If you've already seen the property with the listing agent or a member of their office, it may be too late to look for a Buyer's Agent for that particular property. Fortunately, in NJ, there are real estate attorneys to help negotiate issues that may arise and I see on another thread you are looking for a real estate attorney. Again, good luck.
Disclosed Dual agency occurs when an agent with ABC Realty shows you, the buyer, the ABC Realty listings. I hope this makes sense to you. Good luck.
That sounds very similar to what we call "Intermediary Relationship" in Texas, which is not something to worry about if you have your own buyers agent. We do have buyers and sellers agree to this because, in Austin, 1 out of 5 agents and listings is a Keller Williams agent.
When one of my buyers wants to make an offer on a KW listing, we add an additional form (Notice of Intermediary Relationship) that discloses that the KW Broker is technically representing both sides of the deal, but in fact separate agents are assigned to each party - those agents being the listing agent and the buyer agent.
Functionally and logistically, the intermediary relationship doesn't change anything as compared to how the deal would go if my buyer was making on offer on a listing from outside KW.
If you've already seen the property with the listing agent or a member of their office, it may be too late to look for a Buyer's Agent for that particular property. Fortunately, in NJ, there are real estate attorneys to help negotiate issues that may arise and I see on another thread you are looking for a real estate attorney. Again, good luck.
You are describing procuring agent and that is a slippery slope. In our state (VA) there really isn't procuring agent anymore. If the buyer wants to introduce a buyers agent (even after I've shown the property) he generally can and I will allow it. It is in my sellers best interest to procure an acceptable offer for their property. By pushing procuring agent on a buyer, and not accepting a contract from a buyers agent.. I could be harming my client...
just something to think about. If I was the OP, and wanted my own representation, I would seek it and see what happens.
The selling agent and the listing agent must be from the same office then otherwise dual agency would not apply. They are asking you to acknowledge that you understand the brokerage firm represents both the seller and the buyer. It slightly changes the relationship but their basic obligations to you are the same. Your agent still can't reveal anything you tell her unless in writing you give her permission. She can't legally divulge your situation, reason for purchasing, that you would go higher, etc. She is still your agent but the agency (brokerage) has to let you know that they also represent the seller who has another that is their agent but a member of the same firm.
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