NEED HELP! Dual agent might be owner of the property

[Yunning Lee]

Hi All:

I am using the seller agent as my buyer agent. The owner of the property is an LLC. The taxpayer of this LLA is the seller on our agreement. However, from some information resource, we found out the seller agent may be a member of this LLC, i.e. he is also the owner the property. I did some google search but couldn't confirm it.

According to the law, the seller agent should disclose his interest in this property. 

My questions:

1: What is the consequence if the seller agent doesn't disclose his interest in the property?

2: How to confirm whether the seller agent is a member of the LLC?

Thank you!!

[Paul Howard]

He can't be a dual agent if he has an ownership interest.  He can only be a seller's agent because he can't provide the neutrality required of a dual agent.

You are right to be concerned.