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A New Law for the People

lower sales price than listed; or the motivation of the client or customer for selling or buying property. If a consumer would like to work under an agency relationship, a separate Buyer Brokerage Agency Addendum must be signed by the buyer and broker. Under this agency agreement, the real estate broker will also represent the buyer with exclusive loyalty. In addition it gives the real estate broker the authority to speak and act on the behalf of the buyer without the buyer’s signature. The agency addendum states: “Buyer acknowledges that as a result of the agency relationship, buyer can be held liable for acts or omissions of broker that are within the scope of the broker’s authority.”

Dual Agency This is not a new term, but its use poses a hurdle many feel is impossible to overcome. Dual agency exists whenever one broker from the same real estate firm represents both the buyer and seller in the same transaction. It requires the broker to simultaneously be a broker and advocate for both the buyer and seller in the same transaction. This can obviously create conflicting allegiances. Conversely, when a broker with one realty company represents a seller and a broker in another company represents a buyer, there’s little conflict. When you sign a contract, you are retaining the broker’s entire company to represent you in your purchase or sale. Opponents of dual agency believe consumers are the losers in these situations, and it appears they may be. Think about it for a moment: You carefully retain the best real estate broker in your market place to assist you in your home purchase. You select them to advocate for your interest in the transaction. Your broker assists in locating the perfect house, and now is the time when 45

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev