A listing agent who also represents the buyer is a dual agent. Dual agents cannot operate in a fiduciary relationship with either party and must treat both sellers and buyers equally. They cannot share confidential information and they cannot give confidential advice. (Caution)
Buyer's Agent a better choice!
The Listing Agent, unless specifically disclosed otherwise, represents the seller in any transaction for the sale of a home. It is that Agent's fiduciary duty to protect the seller's position at all times. No matter what they tell you their loyalty will lie with their selling clients. That is why you should want an agent with experience to work for you to represent YOUR interest as a buyers agent when buying a home.
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In a Dual Agency - The listing agent is working for the seller - NOT You The Buyer. The listing agent does not care about you they are working for the seller and how much they can get for that seller. The listing agent has NO loyalty to you the buyer. Have a Buyer's Agent work for you. |
| Board of Tax Assessors Thomas County, GA |
| Thomasville Georgia Realtors! Dual Agency is legal - Buyer Beware | |
| Ignorance is bliss: The new scoop for marketing a property listing to appear as a good buy is deviating from public records information as to the square footage. Many agents justify their square footage source as “Per Owner”. We are not sure what that implies? In a normal world as a professional you're required to pull tax records to get the homes square footage and other pertinent information about the property and if public records do not match with the owner’s information than as a professional you |
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| know something was either done without a permit or a mistake has been made. In this situation, it is up to the property owner to get this corrected either by appraisal or updating public records or by having city appraisers re-visit the property to verify property information but most owners do not do so because ultimately it may pose a financial burden. | |
| A number of agents are adding hundreds of square footage to their listing and then claiming "as per owner". I am assuming as a real estate agent, a professional, would address this discrepancy and not pass the buck as to they would not be responsible for the listing they represent. Here we go again with assuming, you know what they say about assumptions! Always ask your agent (a real estate professional) were did the added square footage come from. If she/him claims it came from the owner, I would ask them for documentation justifying the added square footage. Because once you buy the property it is your problem to resolve and for future resale. Remember that the listing agent of any property is working for the SELLER NOT YOU THE BUYER….. And if they are working for the buyers as well they are acting in a dual agency. Ask yourself this Question: Would you go to the same attorney performing a divorce for both husband & wife? Well this is the same thing. Must read: Buying a Home in Thomasville: Choosing the right location for your custom home not only affects your lifestyle, it affects the future value of your home. That's why you should take your time, look at more than one area, ask questions, be cautious and consider the advantages and disadvantages of the location you select. Get more then one opinion call Capital Home Builders. DO NOT BUY A HOME IN AN OVER PRICED SUBDIVISION. True Energy efficient Homes are qualified by an independent company. | |
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DUAL AGENCY:
In my opinion is not providing full representation to either the buyer or the seller. We expect our representing agents to advertise our properties for other agents from other firms to bring us a buyer and if by any chance our representing agent brings a buyer we expect, we even demand for our agent to make it clear to the buyer that they are representing our best interest and will negotiate to our benefit and if the buyer does not feel comfortable with this we would strongly encourage them to hire their own buyers agent.
You as a buyer can ask the brokerage office to show you how many properties have sold in a few months and who sold it, another way is to make sure all of the real estate signs in front of the house you are looking to buy are not all from the same brokerage office. This is not going to be easy because a home buyer at the time of any property showing is just interested in looking at the house and he/she does not think or even notice the same yard sign.
Drawbacks of Dual Agency:
A dual agency always
involves a conflict of interest. In
essence, you, as a buyer or seller,
are giving up the opportunity to
have an experienced, knowledgeable
agent work exclusively for your best
interests. As a result, you have an
agent working to finalize the
transaction without having to give
any advice to either party because
of the restrictions placed on the
agent.
Furthermore, since the agent is
representing both the buyer and
seller, he will get "both sides of
the deal" in terms of commission,
while doing only half the work. Many
brokerage firms try to encourage
dual agency because of the
commissions, so be aware of what you
are getting yourself into before you
sign an agreement of this nature.
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| Renee Porsia Re/Max Real Estate Broker (Philadelphia) RealEstateLaywers.com | |
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Advocating:
Lately,
I
have
noticed
more
and
more
the
practice
of
Advocating. Advocating
is
when
an
agent
in a
dual
agency
only
shows
you
properties
from
their
on
office
or
just
their
own
listings.
I
believe
this
should
be
outlawed
in
all
states
is
when
a
state
allows
dual
agents
and
agency
to
only
show
properties
from
their
own
brokerage
office
or
their
own
listings
to
keep
a
bigger
commission
in-house
when
95%
of
the
brokerage
office
listing
properties
are
being
sold
in-house
more
times
than
not
the
practice
of
DUAL
AGENCY
is
accruing.
You
can
be
sure
it
is
not
because
that
office
has
the
best
looking
properties
in
town.
Even
though
DUAL
AGENCY
is
legal
in
many
states
and
many
agents
preach
and
even
make
themselves
believe
that
this
type
of
agency
does
not
harm
either
parties
are
just
convincing
themselves
that
it's
a
good
practice.
Consumers
have
a
choice
in
proceeding
with
this
form
of
agency
(it
is
not
recommended
by
many)
if
advised
by
their
representing
agents
what
the
true
meaning
of
this
agency
is.
Some
consumers
have
no
issue
with
this
type
of
agency
because
they
can
represent
themselves
based
on
their
real
estate
experience
and
this
is
great
but
always
keep
in
mind
that
the
agent
is
truly
representing
the
sellers
if
the
buyers
are
buying
from
the
seller’s
agent.
I
would
also
read
up
on
Dual
Agency
in
Georgia
"Who
is
Your
Agent
Working
For"!
-
LOOK
FOR
A
BUYER'S
AGENT
WHEN
SHOPPING
FOR
A
HOME!
Email
Use
For
More
Info.
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Yard
Signs:
In
Thomasville,
GA.
With
the
lack
of
home
buyers
do
to
the
economy
it
looks
like
some
realtors
and
brokers
are
keeping
buyers
restricted
to
their
office
listings
only.
Buyers
one
way
to
make
sure
you’re
not
being
restricted
are
to
keep
a
look
out
for
the
brokers
yard
sign.
If
you
keep
seeing
the
same
yard
sign
from
the
same
listing
brokers
office
you
are
being
(Restricted)
Realtors
and
Brokerage
offices
in
Thomasville
Georgia
can
use
the
words
"We
Show
All
Listing"
to
their
website
all
they
want
it
does
not
change
the
fact
that
they
DO
NOT
show
all
listings.
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Dual Agency in Thomasville, GA. in
the state of Georgia:
A listing
agent of a property is working for the seller. If you
happen to have the unfortunate luck to buy a home from
the same agent that is listing the property that agent
is working for the seller NOT YOU, so he/she is going to
try and get as much for that seller as possible because
the more they get for that property the more they make
on the commission. And by having the same agent working
the deal he/she makes the whole commission. A Win Win
for the agent and Brokerage office and bad for the
buyer. We will never know if he/she the buyer really got
the best price for that home? Remember an agent in this
position can not negotiate if they do they would be
violating the license LAW. Negotiation is a big part of
an agent’s job and if this portion is taken out from the
equation the agents functions is merely a paper pusher.
If you as a buyer do not mind having your agent function
in this position by all means!
Restrictions to Dual
Agency
Dual agency imposes
some restrictions on a real estate
agent. The agent is required to
treat both buyer and seller with
fairness and honesty. To do so,
neither party should expect the
undivided loyalty that could be
expected from a dedicated buyer's or
seller's agent. The agent is required to provide
full disclosure concerning the
property to the buyer but cannot
reveal confidential information
about the seller. When the time
comes to make an offer, a dual real
estate agent cannot advise the buyer
on how much to offer nor can the
agent advise the seller to accept or
reject an offer.
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REALTORS
AND
BROKERAGE
FIRMS IN
THOMASVILLE,
CAIRO
GEORGIA
BUILDING
HOMES
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| Dealing with dual real estate agents: 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. This in no way means that agents may operate outside the bounds of the law and ethical conduct of course. It just means that the real estate agent is just that, an authorized agent of the seller for a particular transaction. More recent trends have introduced buyer's agents, who usually work 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. |
Buyer's Agent a better choice!
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Dual AgencyThe "dual agency" situation means reduced services to both parties in the transaction. It was also highly illegal if the parties were not informed and the dual agency happened without notice. Some innovative brokers began to practice "exclusive buyer agency" to avoid the potential for conflict of interest. In this model the buyer was a client and the seller did not have a relationship with the buyer's agent.Who benefits from Dual Agency? A dual agent. It is very difficult to obtain the highest and best price for the seller when the agent also represents the buyer. The dual agent cannot advise on home price nor terms nor negotiate on anyone's behalf. Top |
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Is
Dual
Agency
in
the
publics
best
interest?
What
is a
Buyer's
Agent??
A
buyer's
agent
is
an
unbiased
and
independent
licensed
real
estate
agent
who
is
focused
on
promoting
the
buyer's
best
interests.
The
buyer's
agent
should
have
no
affiliation
with
the
home
seller
or
his
agent;
this
person is
there
to seek
out a
better
price
and
terms
on
the
buyer's
behalf.
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Restrictions to Dual
Agency:
Dual agency imposes
some restrictions on a real estate
agent. The agent is required to
treat both buyer and seller with
fairness and honesty. To do so,
neither party should expect the
undivided loyalty that could be
expected from a dedicated buyer's or
seller's agent. The agent is required to provide
full disclosure concerning the
property to the buyer but cannot
reveal confidential information
about the seller. When the time
comes to make an offer, a dual real
estate agent cannot advise the buyer
on how much to offer nor can the
agent advise the seller to accept or
reject an offer.
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What
is a
seller's
agent
(listing
agent)?
Generally
speaking,
this
is a
real
estate
agent
who
has
entered
into
a
contractual
agreement
to
sell
the
seller's
home
(for
a
commission)
and
to
promote
the
best
interest
of
the
home
seller;
this
usually
entails
getting
the
highest
possible
price
and
best
terms
on
behalf
of
the
seller.
Dual
Agency
With
Same
Agent?
Closing involves a series of complex phases: examination of the title, completion and explanation of legal documents, and resolution of any possible title difficulties. Real estate closing attorneys conduct each of these steps. First, they examine the title records for prior conveyances, unpaid mortgages, liens, judgments, easements, and other encumbrances and clouds on title. They verify that the seller has the authority to convey a good title to the property and that no errors exist in the deeds in the chain of title. They likewise negotiate with the title insurance company for insurance coverage to insure titles against any adverse claims of ownership, liens, and easements. Closing attorneys next combine all relevant information into one set of closing documents. At the closing, they provide detailed explanations of the documents to insure that the parties understand all issues involved in the transaction. Such matters include: the relevant contracts of sale, obligations of contracts, ordering of the title searches, their analysis of title searches, significance of the title search, quality of title, extent of risks, probability of damage, obligation to close or not to close, process of closing itself, and documents there exchanged. They then disburse funds, record relevant documents as public records, and prepare title insurance policies for the purchaser and lender. The closing attorney's role can be summed up as follows: For buyers, attorneys:
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| Avoid Using Dual Agent and Dual Agency! In Georgia, the law allows for agents to represent both buyers and sellers of the same property. But if you’re buying a home in the Thomasville area, you deserve to employ a buyer’s agent who has no fiduciary interest in the sellers. A dual agent cannot, by the nature of their contract with the seller, effectively negotiate the lowest possible price for you, and so you may end up paying more than you should, and making concessions to the seller that you don’t want to make. Although use of a dual agent must be agreed to by all parties in writing for it to be legal, or not. and although the agent is legally obligated to be fair to all parties, invariably the dual agent will favor the seller. If you’re looking at homes in Thomasville without the assistance of a buyer’s agent, you may find yourself involved with a dual agent whether you mean to do so It is through implied agency that many buyers find themselves involved with a dual agent. It’s very important when considering the purchase of Thomasville Real Estate to ensure that the agents you work with are up front about their business and listing affiliations, and that you are at all times adequately represented. Working with a buyer’s agent costs you nothing, and will certainly benefit you in the long run. |
| Always Double Check: |
| Court Ruling: Square Footage Must Be Accurate | What Other Agents Are Saying About Dual Agency |
| Overpriced Home Ignites Lawsuit Against Agent | you may want to say "No" to Dual Agency |
| Realtor.com Dual Agency A MUST READ | Thomasville GA. Public Record | NO Dual Agency in Georgia |
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