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The Dual Agency Trap

Other firms will require you to sign away your right to full representation at the outset.
The Dual Agency Agreement requires you to give up your right to representation if an
agent from your listing firm brings a buyer. They will insist that all the form says is that it
will allow other agents from their firm to show your home. This is only half the story.
Read what the form actually says. If you allow Dual Agency your agent is required by
the Agreement to NOT BE AN ADVOCATE FOR YOU. The NC Real Estate
Commission calls it a legal razors edge.

Read carefully what you may be forced to sign.

Excerpted From Dual Agency Agreement, Form 901

3. Seller’s and Buyer’s roles: Should Broker become a Dual Agent, Seller and/or Buyer
understand and acknowledge that:

(a) They have the responsibility of making their own decisions as to what terms are
to be included in any purchase and sale agreement between them;
(b) They are fully aware of and understand the implications and consequences of
Broker’s dual agency role as expressed herein to provide balanced and fair
representation of Seller and Buyer and encourage and effect communication
between them rather than as an advocate or exclusive agent or representative:
(c) They have determined that the benefits of entering into this Dual Agency
relationship with Broker, acting as Agent for them both, outweigh any disadvantages of
adverse consequences.
(d) They may seek independent legal counsel to assist them with negotiation and
preparation of a purchase and sale agreement.

Seller and/or Buyer agree to indemnify and hold the broker harmless against all claims,
damages, losses, expenses or liabilities, other than violations of the North Carolina
Real Estate License Law and intentional wrongful acts, arising from Broker’s role as a
Dual Agent. Seller and Buyer shall have a duty to protect their own interests and should
read this agreement carefully to ensure that they accurately set forth the terms which
they want to include in said agreements.

Italics, underline and highlights added for emphasis.

Read to complete form here.