What is dual agency?
If both buyer and seller agree in writing, one agent can represent both sides. This is called “dual agency”, and the agent is a “dual agent”. A dual agent has many restrictions and cannot advocate (argue for a better deal) for either side, because of the inherent conflict of interest. For this reason I have not acted as a dual agent since Nov. 2004, and won’t unless there is some very unusual reason to. Instead, if you want to write an offer on one of my listings, I will refer you to another agent in my office so there won’t be any conflict of interest.
By SumterHomeGuide.com Dual agency exists when the same Broker-in-charge is representing the buyer and the seller in the same transaction. Note that I said Broker-in-charge, not a real estate agent. You may find that one real estate agent is representing the seller and another real estate agent is representing the buyer, but, if both real estate agents work for the same broker-in-charge, it will be a dual agency transaction. Dual agency is legal in South Carolina as long as there is informed and written consent from all parties prior to entering into negotiations. The critical aspect of dual agency that must be understood is that the broker-in-charge owes both buyer and seller the same fiduciary duties consisting of loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting. Except under dual agency, some of these duties are limited. The duties that will be limited included loyalty, obedience and disclosure. Although some duties are limited, they are li
• Dual agency describes a situation wherein a one real estate agent represents both the buyer and the seller in the same transaction. Since agency requires the agent to uphold duties of confidentiality, loyalty and full disclosure, dual agency requires consent of both parties to the limitation of those duties in the interest of the other party. For instance, if an agent promises a duty of loyalty to a seller he would have a duty to get the seller the highest price for the real estate. If an agent promises a duty of loyalty to a buyer, he would have a duty to get the property for the lowest price. If an agent represents both parties, the duties conflict and limit each other. Each party must consent to that in writing. Obviously, then, the dual agency relationship is limited in that the agent must act impartially; the agent cannot preference the interest of the buyer over the seller or vice versa. As well, the duty of disclosure is quite limited in a dual agency situation. The agent may
