Dual agency rules for the buyer and the seller. wondering about..

4 Replies

just a general question when it comes to dual agency.  It is my understanding that with a dual agent (and i am the buyer) that the dual agent's duty/loyalty is to the seller, correct?   so the question that i have is if i am an investor and have put an offer on a home that i am not sure that i am going to buy because i have others to look at still and still deciding, would my dual agent have a duty to inform the seller(or his agent) that i may rescind the offer?  

Hello and welcome Vicki!  You did not mention what state you are in and it could make a difference in the proper answer to be given.  In Texas, for example, a dual agent can happen but they are suppose to treat both sides equally what they know and do not know.  The possible big problem here, is that there is money involved and you cannot expect what is going to happen is going to happen.  As a general rule is that you should not expect some Agents are not being totally honest.

Just be honest about what you are doing to the Agent and they may or may not say everything you said to the seller.  I am not a Lawyer but I was a real estate broker for about 30 years in Texas, so I know a little bit about what I am saying.  The Agent may not think that what all you say is important enough to mention.  In other words, it's that everything you say is not that relevant to the sale.  All states have their own rules and laws that should be considered.  

You might want to call a local real estate association that has been around for a while and see what they think.  Good luck to you!

You should tell us what state you are in, as the laws on this vary drastically across the country.

Originally posted by @Michael Lee :

Hello and welcome Vicki!  You did not mention what state you are in and it could make a difference in the proper answer to be given.  In Texas, for example, a dual agent can happen but they are suppose to treat both sides equally what they know and do not know.  The possible big problem here, is that there is money involved and you cannot expect what is going to happen is going to happen.  As a general rule is that you should not expect some Agents are not being totally honest.

Just be honest about what you are doing to the Agent and they may or may not say everything you said to the seller.  I am not a Lawyer but I was a real estate broker for about 30 years in Texas, so I know a little bit about what I am saying.  The Agent may not think that what all you say is important enough to mention.  In other words, it's that everything you say is not that relevant to the sale.  All states have their own rules and laws that should be considered.  

You might want to call a local real estate association that has been around for a while and see what they think.  Good luck to you!

 Texas has not allowed dual agency for 15+ years