Dual Agency - Don't sign away your rights
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 andeffect 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.
Read the entire form before you
sign.
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.
Fully understand the Dual Agency concept before you agree to sign away your right to representation in some circumstance. Read the
full Dual Agency form.
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