Transaction Nightmare Or A Consumer’s Dream?
When buying and selling real estate, consumers often find themselves wondering what dual agency is and ponder its risks and rewards. Because of this, in today’s LUXE BLOG, let’s discuss the basics of this highly misunderstood and very important topic.
What, Why, Who
Dual Agency is a legal relationship which happens when both the buyer and seller in a real estate transaction are represented by the same REALTOR and/or real estate broker.
As Of 2021, Dual Agency Was Illegal In These 8 US States:
Should Consumers Be Weary?
Yes because in dual agency, the buyer and seller are represented by the same real estate practitioner – as a result creating many risks and some potential huge rewards.
As one example, countless visitors walk into the sales centers of pre-construction real estate developments in Arizona hence often automatically sacrificing their right to use their own agent or broker.
And yes, there are many other risks.
But Are There Rewards?
Believe it or not, both buyers and sellers do sometimes benefit from such an agency relationship. In fact, in the right scenario, both sides of the transaction can celebrate a win/win. Perhaps the agent will lower their commission when acting as a ‘double agent’. Perhaps an agent has a willing and able buyer for a potential listing client’s home hence selling it overnight.
We could list many more benefits, but you get the idea.
Those seeking world-class representation may contact William Lewis at 602-920-6297