Buyer's Agent Definition: A real estate agent hired to work in the best interests of a buyer in a real estate transaction. The agent's loyalties are with the buyer. It is the agent's duty to share any information about the property or sellers that may help the buyer make decisions regarding the transaction. Agent status must be disclosed to all parties.

Seller's Agent Definition: A real estate agent hired to work in the best interests of a seller in a real estate transaction, commonly known as a listing agent. The agent's loyalties are with the seller. It is the agent's duty to share with the seller all information about potential buyers that may assist the seller make decisions regarding the transaction. Agent status must be disclosed to all parties.

Dual Agency Definition: Dual agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit the agent's duties in this situation. Both buyer and seller must consent to this arrangement in writing.

If you find yourself involved in a dual agency relationship, make sure that you completely understand the dual agency definition as it is applicable to you.

This relationship involves generally the following limitations:

• The Agent will deal with the Buyer and the Seller impartially
• The Agent will have a duty of disclosure to both the Buyer and the Seller
• The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing
• The Agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer or the Seller in writing
• The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing
• The Agent will disclose to the Buyer the defects about the physical condition of the Property known to the Agent personally

Before making an offer both buyer and the seller will be asked to consent in writing to this new limited dual agency relationship.

We will immediately inform you if in your case a dual agency situation occurs, what the implications are and what needs to be done by law. In the rare event of a dual agency we almost always assign separate agents to the buyer and the seller after written consent has been obtained. This prevents, contains and/or limits any conflict of interest as outlined in the "New York State Disclosure Form for Buyer and Seller" in a real estate transaction. 

For further clarification click on the link below to view the "New York State Disclosure Form for Buyer and Seller" in a real estate transaction...

Disclosure Form