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- Dual agency occurs when a brokerage is representing both buyer/tenant and seller/landlord in the same transaction. Since the brokerage has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.If you find yourself involved in a dual agency relationship, before making or receiving an offer, both you and the other party will be asked to consent, in writing, to this new limited agency relationship.This relationship involves the following limitations:
- The brokerage will deal with the buyer/tenant and the seller/landlord impartially;
- The brokerage will have a duty of disclosure to both the buyer/tenant and the seller/landlord except that:
- the brokerage will not disclose that the buyer/tenant is willing to pay a price or agree to terms other than those contained in the offer, or that the seller/landlord is willing to accept a price or terms other than those contained in the listing;
- the brokerage will not disclose the motivation of the buyer/tenant to buy or or lease or the seller/landlord to sell or lease unless authorized by the buyer/tenant or the seller/landlord;
- the brokerage will not disclose personal information, not otherwise necessarily disclosed in the transaction documentation, about the buyer/tenant or seller/landlord unless authorized in writing.
- The brokerage will disclose to the buyer/tenant defects about the physical condition of the property known to the brokerage.