Dual Agency Consent.

[Imran Syed]

Greetings fellow real estate investors,

I come to you with a situation that has me scratching my head. I just completed inspection contingencies for the property I am in the process of buying, and to my surprise, my real estate agent emailed me to consent to a dual agency contract.

After doing a quick Google search, I discovered that this should have been disclosed from the get-go. Needless to say, I am a bit unsettled and feeling unsure about how to proceed.

As seasoned real estate investors, I am looking for your advice on how to handle this situation. What questions should I be asking my real estate agent, and is this an appropriate time for such a disclosure?

I appreciate any insights or advice you may have to offer.

Thanks in Advance.

[Richard F.]

Aloha,

Dual Agency definitely should have been clarified before you signed a purchase offer. Did the Agent provide the blank form, and "work with you" to fill in the blanks regarding contingencies, timelines, offer price and other terms? If so, I would be concerned that you might not be getting the best deal that you could have with a different Agent. Did the Agent offer a concession on the commission fee, or is it a typical full fee for your locale? How much did you reveal to the Agent regarding your motivation and/or ability to pay? Are you truly satisfied with the accepted terms and conditions?

How did the dual agency come about? Was the Agent someone you had business with previously, or were they a friend? If you have no doubts about their character, and are satisfied with the deal, no harm no foul...unless you find out later they were aware of some undisclosed material defects that will cost you. If, on the other hand, you are experienced and handled your own purchase offer and terms without assistance, probably not a big deal.