Investor · Chicago · Member since 2016 · 7 posts · 4 votes
Hi All:
I am using the seller agent as my buyer agent. The owner of the property is an LLC. The taxpayer of this LLA is the seller on our agreement. However, from some information resource, we found out the seller agent may be a member of this LLC, i.e. he is also the owner the property. I did some google search but couldn't confirm it.
According to the law, the seller agent should disclose his interest in this property.
My questions:
1: What is the consequence if the seller agent doesn't disclose his interest in the property?
2: How to confirm whether the seller agent is a member of the LLC?
Investor · Medford, NJ · Member since 2015 · 3 posts · 2 votes
10y
He can't be a dual agent if he has an ownership interest. He can only be a seller's agent because he can't provide the neutrality required of a dual agent.
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
10y
How about just asking them outright?
If they did not disclose their interest there would be some kind of legal recourse I would imagine. You could check with an attorney who practices law in your state.
Investor · Medford, NJ · Member since 2015 · 3 posts · 2 votes
10y
He can't be a dual agent if he has an ownership interest. He can only be a seller's agent because he can't provide the neutrality required of a dual agent.