An individual agent in a firm may be designated to represent
the interests of seller, while another agent may be appointed to represent the
buyer. A realty company may be acting as a dual agent when two of its agent may
be helping in buying and selling of the property, which may cause some legal
and practical problems. Under the newly designated agency policy and if
permitted by both the buyer and seller, the real estate firm may appoint agent
"A" as the designated agent for the buyer and agent "B" as
the designated agent for the seller.
Each agent would then be exclusively representing the
interests of his or her client in the process. Real estate firms are not
legally bound to practice designated agency and is usually practiced only by
middle-to-large firms. The names of designated agents must be disclosed both to
the buyer and seller. By designating agents, the buyer and seller would be
receiving fuller and more personal representation. This would help in
establishing greater client advocacy, which is often lost in a dual agency
situation. As the clients would be receiving greater attention, they may be
willing to open up more to the designated agent and get better negotiated
offers.
For more information, please visit us at www.justlistedhousesinmemphis.com
For more information, please visit us at www.justlistedhousesinmemphis.com
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