“What agency forms do I need when my firm represents both parties?”
July 30, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.
Q: If a supervising broker is actively working with buyers and sellers directly and brings a buyer to write an offer on one of her agent’s listings, which agency forms are required?
A: If the supervising broker wants to continue representing the buyer, then she would need to appoint another broker in the firm to act as the dual agent (meaning that broker would have to keep information from both sides confidential). The supervising broker and the other agent could then represent the parties with a designated agency disclosure. Alternately, the supervising broker could allow one of her other agents to represent the buyer, and she herself could become the dual agent. Either way, both sides would need to receive designated agency disclosures.
Have a question about this article? Submit it to the Legal Hotline!
The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).
Here are some tips to help make the Legal Hotline work for you!
You might also like…
“My seller wants to terminate our listing agreement but hasn’t signed the Release of Brokerage Agreement. Do I stop doing showings?”
By Jon Haley - December 31, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
FinCEN’s Beneficial Ownership Rule Is Back
By Sean Olk - December 31, 2024
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit lifted a temporary nationwide injunction that halted the Corporate Transparency Act’s implementation and enforcement… Read More
“How can I find out what changes are being made to Standard Forms for the upcoming year?
By Santiago Montalvo - December 19, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More