Are Dual Agency Transactions Going to Stop in the Future
There is a case currently in the California Supreme Court involving a major brokerage. An agent listed a large home in Malibu and there was some question as to the square footage of the home; title report vs. owner. The listing agent took the word of the seller and then an offer came in from another agent in the same office. During the transaction, there was never any mention of the square footage discrepancy.
After the sale was closed, the new owner was doing some renovations and found that the title showed the house a lot smaller than he had been lead to believe.
This case is now in the California Supreme Court and one of the issues here is the Dual Agency of the broker. NAR is against Dual Agency and has filed a brief as a "Friend of the Court" and C.A.R. is involved but on the side of the Defense as they support Dual Agency.
You can bet many states are watching this to see how the Supreme Court rules.
Many banks do not allow the same agent to do both sides on Foreclosures and Short Sales as they see a problem with it. When I sold REO's, the banks would not allow same agent but would allow another agent in my office to handle the other side.
Is there any states out there without Dual Agency?
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