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Jaedavt, Home Buyer in McKinney, TX

My real estate agent is acting for me, the seller as well as the potential buyer

Asked by Jaedavt, McKinney, TX Fri Jun 21, 2013

My real estate agent is acting for me, the seller as well as the potential buyer. Would it be a good idea for me to hire on a real estate attorney because of the conflict of interest?

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11
It's not something we do here in California, however, I understand it is common in other states. Dual agency is also legal here, Illegal in many other states, so you should check on this.
0 votes Thank Flag Link Tue Jun 24, 2014
Remember also that if the agent is representing all parties and you trust them to do so, they can not negotiate for either party--only relay facts and guide you both through the process. (You say the agent is acting for the buyer, the seller....and "you" ((where you are in terms of which party, to the transaction?)). At the beginning of the transaction, the agent should have given you the intermediary form that allowed him / or to represent you all this way, in which you all chose not to use "appointments" (ie: someone else who does not already know your personal information and "can" negotiate for you. Some people elect not to do this if they like / trust their agent to only relay information and in some cases, it saves them money because the agent may give them a discount.

Feel free to ask if you have any additional questions.

-Amy S Arey
Halo Group Realty, LLC
214.901.1341-Cell
http://www.MckinneyRealEstateInfo.com
0 votes Thank Flag Link Tue Jun 24, 2014
You should have a signed agreement for intermediary agency if your broker is representing you and thr seller; nevertheless, it is always your right to seek the assistance of a real estate attorney.
0 votes Thank Flag Link Mon Jul 8, 2013
what do you mean that your real estate agent is acting for the seller and the buyer? I suggest that you talk to her. It sounds like she is acting as an intermediary but find out for sure and also double check what document (s) you sign with her.

I have to agree with T.E. below that attorneys are better in the legal aspect of the deal while realtors in non legal and it looks like yours is non legal condition.

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Fri Jun 28, 2013
This is NOT a dual agency situation in Texas. Please read the "Information about Brokerage Services" which the Realtor is required to give you at your first meeting.

The situation sounds like an Intermediary situation, in which the agent must be honest with both sides but cannot give advice on pricing and cannot convey confidential information. Typically, if the buyer signs a representation agreement with the same brokerage, then another Realtor from the same brokerage is assigned by the broker to deal with the buyer, and the seller retains his representation through the same Realtor.

Nothing about pricing must pass from one Realtor to the other, except offers and counter-offers. This allows the seller to get advice and the buyer to get advice, but not from the same person.

It is not required that another Realtor be assigned to represent the buyer, but it may happen.

An attorney can always be used, but the point of negotiating is what you're worried about, which some attorneys can handle, some cannot. Realtors are best equipped to handle the process of inspecting, financing, negotiating and non-legal questions. Attorneys are best equipped to handle legal questions, not Realtors, but some attorneys are willing to handle other aspects of the deal.

If you feel uncomfortable working with the same Realtor, ask to have another Realtor assigned to the buyer.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Mon Jun 24, 2013
What does "acting for me....as well as the potential buyer" mean. What is the agent doing for the buyer???


did you sign an "Agency Disclosure" form??? Was your consent required to allow "Dual Agency?" If so, did you sign to allow dual agency???


just because your agent has a buyer customer that he/she is showing your property to and answering general question about your property doesn't mean there is a conflict of interest.
it may just mean he/she is trying to get your property sold.
0 votes Thank Flag Link Sat Jun 22, 2013
Is the agent acting as an intermediary or is the buyer simply a customer? If you're not sure, it's time to have a chat with your agent to better understand their role in the transaction. If you're uncomfortable with the arrangement where the agent is working with both buyer and seller, you can ask the agent's broker to "make appointments" which would then mean another agent in the office would be assigned to the buyer and each agent would then truly represent their respective parties.
0 votes Thank Flag Link Fri Jun 21, 2013
Dual Agency was eliminated in Colorado several years ago. You either act as a Seller Agent or Buyer Agent but not both bacause of conflict of interest. As a Seller Agent or Buyer Agent you have the fiduciary duty to act for someone else's benefit, while subordinating one's personal interests to that of the other person. It is the highest standard of duty implied by law.
0 votes Thank Flag Link Fri Jun 21, 2013
You got a couple of great answers here. I am thankful dual agency is not even allowed in Florida!
0 votes Thank Flag Link Fri Jun 21, 2013
No, not really.

If handled properly, there is no conflict of interest. Your agent can explain this to you.

Also, since you're the seller, you presumably started off with the agent as your listing agent before the buyer became involved. That's a good thing. Though opinions differ, I'd suggest that if it were the other way around--if you were the buyer and decided to use the listing agent as yours, as well, that could cause more difficulties.

So: Have your agent explain what dual agency is. If you're not comfortable, then speak to an attorney.

Hope that helps.
0 votes Thank Flag Link Fri Jun 21, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
You have a dual agent. There is nothing that is automatically wrong with this. Once you both agree on the price and any terms, there is little the agent has to do that would be serviced by a lawyer so I don't see a lot of value to hire one just because you have a dual agent.
0 votes Thank Flag Link Fri Jun 21, 2013
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