Dual agency relationships don't carry with them all of the traditional fiduciary duties to the clients; instead,
dual agents owe limited fiduciary duties.
In such relationships,
dual agents owe limited fiduciary duties to both buyer and seller clients.
Dual agents owe limited fiduciary consent of both parties.
The statute requires that both the buyer and seller consent to the dual agent relationship, and
the dual agent owes a fiduciary duty to both clients.
Not exact matches
The trial court awarded $ 91,635 to buyers, but found nothing was
owed after offsetting the $ 275,000 settlement with
dual agent.
The seller, regardless of her level of legal sophistication, was entitled to full disclosure in writing of the
dual agency arrangement; the
agent's failure to reveal that material fact disentitled her to the commission she would otherwise have been
owed.
In Wagner, the Montana Supreme Court addressed the duty
owed by a
dual agent in a real estate transaction.
In this decision, the California Supreme Court considered the duty
owed by a listing broker to the buyer when the broker is acting as a
dual agent.
The court ruled that the
dual agent duties of the Brokerage extended to its associate licensees and so the Listing Broker
owed the equivalent disclosure duty to the Buyer that the Brokerage would.
Pennsylvania federal court rules that real estate brokerage did not
owe fiduciary duties to seller when acting as a
dual agent and so dismissed those claims against brokerage but allowed other claims made against brokerage to continue.
A
dual agent does, however, still
owe a duty of confidentiality of material information and accounting for funds.
When a homebuyer consents to
dual agency his or her
agent no longer
owes the homebuyer important fiduciary duties.
In order to act as a limited
dual agent, a licensee (whether the brokerage in brokerage agency or the designated
agent in designated agency) must have the agreement of the two clients as to how the duties
owed to those clients are to be modified or made inapplicable.