Agent Representing Both Seller and Purchaser. A real estate agent, either acting directly or through one or more associate licenses, can legally be the agent of both the Seller and the Purchaser in a transaction, but only with the knowledge and consent of both the Seller and the Purchaser. (1) In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Purchaser: a. A fiduciary duty of utmost care integrity honesty and loyalty in the dealings with either Seller or the Purchaser. b. Other duties to the Seller and the Purchaser as stated above in their respective sections (a) or (b). (2) In representing both Seller and Purchaser, the agent may not without the express permission of the respective Party, disclose to the other Party that the Seller will accept a price less than the listing price or that the Purchaser will pay a price greater than the price offered. (3) The above duties of the agent in a real estate transaction do not relieve a Seller or Purchaser from the responsibility to protect their own interests. Purchaser and Seller should carefully read all agreements to assure that they adequately express their understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Dsi Realty Income Fund Viii), Purchase and Sale Agreement (Strategic Storage Growth Trust, Inc.), Purchase and Sale Agreement (Dsi Realty Income Fund Vii)
