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Dual Agency   Term Paper ID:35285 Click to get this paper

Essay Subject: This paper argues against dual agency in real estate arguing that both the buyer ...... More...

3 Pages / 675 Words 3 sources, 3 Citations, MLA Format $12.00 Return to List of Papers

Paper Abstract: This paper argues against dual agency in real estate, arguing that both the buyer and the seller should each have his or her own agent.Discusses both sides of the issue. Paper Introduction: Should a real estate broker attempt to represent both the seller and thebuyer in a single transaction The first response that most people arelikely to give is that a broker should not try to do so because of thepotential and even real conflicts of interest that might well arise bothbetween the broker and one of his or her clients or between the twoclients However while these concerns are certainly legitimate ones thereare also arguments to be made for a single broker serving Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. This does in fact seem to be the wisestcourse: The amount of money that a buyer is likely to save in commissionfees will in many (if not most) cases be made up for by the additionalsavings from the best possible deal. We begin by arguing why a real estate broker should work for eitherthe buyer or the seller but not for both. (The disadvantages to the seller in adual agency agreement are far less.) In addition to the purely monetaryissues, having a dual agency agreement would in many cases prove to behighly stressful, especially to the buyer but to the seller as well becauseone would always be wondering if the broker were truly representing one'sinterests. Thispaper examines both sides of this particular argument. This would removeone of the most important disadvantages of having an agent serve bothparties. Dual agency, where the agent claims to be serving both parties, is allowed almost everywhere, provided it's fully disclosed in writing. However, thecase is not quite this simple. I don't think a dual agent can adequately serve either the buyer or the seller (http://homes.wsj.com/columnists/qa/2 1 914-irwin.html). Of course, there can be exceptions to thisadage: If both sides want the same outcome then there is no conflict ofinterest. Keep silent? Works Citedhttp://www.askjohnlscott.com/content/Event.asp?ASK=1.61 http://homes.wsj.com/columnists/qa/2 1 914-irwin.htmlhttp://www.houseclicks.com/buying/agents.html Should a real estate broker attempt to represent both the seller and thebuyer in a single transaction? In assessing the relative merits of the dual agency it is alsoimportant to understand that "dual agency" is not a homogeneous condition.The terms of a dual agency agreement can be negotiated, and often are. Thus the buyer and sellershare one goal, but not the other. (Of course, even a contract stating this condition does notguarantee that the agent will not slip up and reveal privilegedinformation; it would be difficult not to do so.) Most consumer advocatesargue that no one should enter into an "undisclosed" dual agencyrelationship (in which one does not know that one's broker is alsorepresenting the other side). But simply because apolicy is legal does not mean that it is a good business practice. Tell one and then explain to the other why he or she revealed this information? The first response that most people arelikely to give is that a broker should not try to do so because of thepotential and even real conflicts of interest that might well arise bothbetween the broker and one of his or her clients or between the twoclients. This argument against dual agency seems so clear and so compellingthat it is difficult to see the advantages of dual agency. The primary argument for dual agencyagreements is that they save both seller and buyer money because each paysonly a single commission (to the one agent), which is in almost every casegoing to be less than the combined commissions to two separate realtors. However, while these concerns are certainly legitimate ones, thereare also arguments to be made for a single broker serving both sides. This is true: But the seller wants the property to change hands in away that guarantees him or her the maximum profit while the buyer wants theproperty to change hands at the minimum cost. It should be noted that simply because there are problems inherent insuch a dual relationship, it is almost always legal. One might argue that this is in fact the case when a real estatetransaction is being made: Both sides want a piece of property to changehands. To me, however, such an arrangement has always been an iffy thing at best....[but] what does a dual agent do when he or she hears either the sellers say they will accept less or the buyers that they will pay more? Onemight insist that the contract one signs with a dual agent block that agentfrom revealing privileged information about one's intentions from the otherparty (http://www.houseclicks.com/buying/agents.html). The problems inherent in thebroker serving both sides are summed up in the adage: "No man (or woman, ofcourse) can serve two masters". Standard contract language for a dual agent is likely to includelanguage such as: A dual agent may not disclose any confidential information that would place one party at an advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties (http://www.askjohnlscott.com/content/Event.asp?ASK=1.61 )While there is no doubt a cost savings in terms of commission in the caseof almost every dual agency relationship, in general consumer advocatesargue against such a contract. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.