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Themayor, Real Estate Pro in Binghamton, NY

I live in NYS. My realtor is acting a dual agent and he never had me sign any agreement allowing him to do

Asked by Themayor, Binghamton, NY Wed Jul 8, 2009

this. The buyer has signed but not me and I was the one who employed him. He also has not acted to me the principal. Isn't this against the law for him to do this, someone told me he could lose his license over this? Can I sue him for damages?

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Poko’s answer
yes its a conflicting interest.....but for some reason real estate agents get away with it all the time. its practically a norm in the industry. in many cases they want to act as representivites for both the buyers and sellers, that way they can lock in a bigger commission. i would bring this to your agents attention..
2 votes Thank Flag Link Thu Sep 10, 2009
My understanding is, As long as dual agency is disclosed, it is permitted. The fact that you seem to know of it would seem to be the disclosure proof. If you do not want it, you need to speak up. It seems you specifically disapprove of it. He can have the transaction handled on the buyer side by a colleague with no personal knowledge of your situation. Always keep in mind, the transaction is sensitive and a buyer is due respect, too. Loosing a buyer should be kept in mind as a risk. Much depends on the situation and the factors that if disclosed to the other side would be unfair and unethical. Most, not all, transactions are undramatic. But you can see, the buyer and seller posted below do not approve of it on principle. It is done properly quite often, we all acknowledge.
0 votes Thank Flag Link Sun Apr 8, 2012
I don't object in principle to dual agency if both buyer and seller explicitly agree to it. But practically, I'd never agree to it because no human being can energetically advance the interest of one party UP if s/he's equally obliged to advance the interest of the other party DOWN. Dual agency, although legal in some places, is the very definition of conflict of interest.
0 votes Thank Flag Link Sat Jun 5, 2010
This can be a very frustrating situation. As a seller, you put your trust in an agent to get the job done for you. New State Law does state on every meeting we are to disclose our agency relationship to all parties involved. This agency relationship may change, but you are correct, the agreement needs to be discussed with all partied invloved & signed. Dual agency is a tricky situation and can be done correctly but must be discussed with all parties. As far as damages, I would consult your laywer. I wish you luck in this situation.

Jennifer Greenmun
McKinney Real Estate
Binghamton NY
607-761-4814
0 votes Thank Flag Link Thu Oct 1, 2009
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