Re: Real Estate. Is this legal?

[Capn Amerika]

For one agent to represent both the buyer AND the seller of a property?

[MissB]

1. I think yes, as long as they disclose that is what they are doing

and both parties agree to it.

[HCE SuiGeneris]

3. exactly -- it is called dual agency

[Courtesy Flush]

8. I don't think one agent can represent the interests of both sides equally.

Get your own agent, and don't buy real estate without a lawyer. In many states you MUST have a lawyer. In all states, it's a good idea.

[thefool_wa]

2. I thought that was SOP

That the realtor was the intermediary for both. But, then again, I have never bought a house :)

[Capn Amerika]

4. It's been my experience that each party has their own agent.

But we've also sold proprety where no agents were involved and the contracts were drawn up by a lawyer. Who I guess would be a de facto agent.

[HCE SuiGeneris]

6. That is fine with the lawyer

The key is if you have reservations about your agent not acting in your best interest by representing both parties, do not consent to dual agency.

[GOPisEvil]

5. It depends on the state. I only know a little about Texas where it is legal.

[Courtesy Flush]

7. It's not a matter of legal or illegal

But the agent usually represents the seller. While that's not a bad thing, the buyer is not truly represented, since the agent has a professional feduciary responsibility to the seller, and not the buyer.

BUT, when the buyer finds a property, and wants to proceed, he has the right to hire his own agent, who represents HIS interests. If you're buying, get an agent. It doesn't cost more (they just have to split the commission, which is why the seller's agent will try to talk you out of it).

[Pierre.Suave]

14. Just so you know

[LostinVA]

9. It depends on the state -- it isn't in mine

If it is in yours, get your own agent, pronto.

[Digit]

11. Maybe Va chgd the laws but I was an agent in Va and did...once

It was under special circumstances tho....drove my broker nuts.

Let's just say I was a facilitator and pulled off a small miracle for a hearing impaired, lesbian couple who could not qualify for a loan.
I had an investor who wanted to wanted to get rid of a townhome, had him hold the note, took a reduced commission and voila!

I cannot tell you how happy I made that couple.

[Wapsie B]

10. Like others have stated it depends where you are.

And I have no idea about my state. It's my understanding that unless you disclose yourself as being a Buyer's Agent you represent the Seller. The problem is that the agents I've worked with when buying have given this implication of representing me when in fact they do not.

[mondo joe]

12. It's legal in at least some states. I wouldn't do it.

In fact when I bought my house I was insulted that the idiot of an agent the seller had thought I'd go for it.

Given the asking price, she had no fucking clue what she was doing.

[Quakerfriend]

13. Yes, in PA it is. It's called dual agency.

;-)