When a realtor represents buyer and seller
Here's something to think about when you're looking to buy or sell a home in Vancouver and considering using a realtor. It's called "Limited Dual Agency" and it refers to a transaction in which the realtor and brokerage are representing both the buyer and the seller. A separate Limited Dual Agency Agreement must be signed for this to be legal and should be explained to you, the client, in full detail.
Essentially, the result of this type of transaction is that the realtor is now acting as an impartial agent to bring both sides together in terms. The agent must not disclose personal motivation to either side and really becomes more of a mediator than a negotiator.
For some clients, this style of agency is not acceptable and I have had clients let me know right from the start that they will not agree to a Limited Dual Agency should the situation arise. Most importantly, this type of agency should be disclosed to you when your realtor walks you through the ‘Working With an Agent’ form at the beginning of your relationship and you can then best decide for yourself.
Essentially, the result of this type of transaction is that the realtor is now acting as an impartial agent to bring both sides together in terms. The agent must not disclose personal motivation to either side and really becomes more of a mediator than a negotiator.
For some clients, this style of agency is not acceptable and I have had clients let me know right from the start that they will not agree to a Limited Dual Agency should the situation arise. Most importantly, this type of agency should be disclosed to you when your realtor walks you through the ‘Working With an Agent’ form at the beginning of your relationship and you can then best decide for yourself.