In legal dual agency, what is a proper scenario?

In legal dual agency, the proper scenario occurs when an agent represents both the buyer and the seller in a single transaction, with the appropriate consent obtained from both parties involved. This arrangement is significant because it allows a single agent to facilitate the transaction while providing transparency and disclosure to both parties about the dual agency relationship.

In this scenario, it is crucial for the agent to inform both the buyer and the seller of their dual role and obtain their informed consent in writing. This ensures that both parties are aware of the potential conflicts of interest that may arise and allows for an equitable transaction. It is a delicate balance of maintaining ethical standards and fairness in the representation of both clients.

Having a comprehensive understanding of dual agency is essential for real estate professionals, as it involves navigating the complexities of representing multiple interests simultaneously while adhering to legal obligations and ethical standards.