This is one of the reasons I'm happy to be with my large company. We have a legal department and the
Des Moines Area Association & Iowa Association all have Legal departments to protect our clients and us from defaulting on contracts. Part of the long tedious parts of the contracts is dealing with these unusual
instances. One of the newer parts of Iowa Law is the buyers agency, which creates the legal relationship or fiducuary duties of an agent to a buyer. Previously a buyers agent would become, in effect an agent of the
seller who would be the only party with a legal relationship.
If buyers go through the listing agent a dual agency can be created creating a fiduciary relationship to both
parties. - Tue Jun 16 2009, 10:09