What You Need to Know About Limited Dual Agency

Posted on March 14, 2023 by Jason Cossette

Posted in Dual Agency, Home Buyers, Home Sellers, Jason Cossette, Local YQR, Real Estate, Real Estate Advice, Real Estate Tips, Realtor Regina, Regina Real Estate, Sask Homes, Saskatchewan, Saskatchewan Real Estate, Sutton Group, YQR

 

 

Let's talk about Limited Dual Agency, have you heard about it? 

 

Limited Dual Agency occurs when the same Realtor® or Brokerage represents both the buyer and seller. This must be disclosed to both parties up front. This causes the Realtor's®duties of confidentiality and loyalty to the buyer and seller to conflict. So...the following rules were created to protect both parties:

 

1. That the Realtor® will not disclose whether the buyer will agree to any terms not stated in their offer, or that the seller will accept any terms not disclosed in their contract.

 

2. That the Realtor® will disclose all comparable property information to both the buyer and the seller.

 

3. That the Realtor® will not disclose the motivation of the buyer to buy or the seller to sell, unless agreed to by the buyer or the seller.

 

4. That the Realtor® will disclose to the buyer all known defects about the property.

 

5. That the Realtor® will not disclose personal or financial information about either the buyer or the seller, unless agreed to by the buyer or the seller.

 

6. That the Realtor® will not favour the interests of either the buyer or the seller.