Tuesday, October 23, 2012

Dual Agency: Who you represent

So what is DUAL AGENCY? Well, answer is (as is the answer to every question...) DEPENDS!  In the state of Maryland, Dual Agency actually means something entirely different from the rest of the nation!  AND to top it all off, the Dual Agency that the rest of the nation knows it as is actually ILLEGAL in Maryland!

So to break it down: Say I were to represent you, Patti (Seller's agent) from Evergreen Properties (Broker) will represent the Seller.  At an open house, Patti meets Buyer (who is not working with an agent) and wants to make an offer.  Although it is perfectly legal everywhere else, in the state of Maryland, it is illegal for me to represent both the Seller and Buyer in the transaction (aka Dual Agency).  Why do you ask? Conflict of interest.  How do I act with best intentions for the Seller if I also represent the Buyer?  I'd be negotiating with myself! 

HOWEVER, Dual Agency is defined as something entirely different in Maryland.  In our fair state, Dual Agency actually means that the same Broker represents both the Seller and Buyer, which is actually legal.  Confused? No worries, the state is really looking out for your best interests!

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