Most clients understand that there are buyer’s agents and seller’s agents. In the State of Maryland an agent cannot represent both the buyer and seller. In DC, a single agent can represent both sides so you can see there's a difference.
You may have heard the term dual agency. Dual agency occurs when the seller’s agent and the buyer’s agent works for the same Broker (i.e. Long & Foster RE). This means that the Broker has a legal obligation to both parties and a duty to maintain confidentiality of information.
What does this mean for you? Should you be concerned that your transaction may have the same broker? Not really. The agents that represent both the buyer and the seller are sworn to represent their clients' best interest, and that includes your confidentiality. If they work for the same company, you're represented by the same Broker, and that Broker is sworn to the same confidentiality that the agents adhere too. They still have to abide by the laws and what the Maryland State Commission requires. All of those fidiciary issues are still there.
If the other party is using the same firm as your agent is, you'll be asked to sign a Dual Agency Agreement, which makes sure you're aware that the same Broker is representing the transaction.
Do you have any questions about what dual agency means in Maryland? Or are you considering real estate in Washington DC and have dual agency questions? I'll be glad to answer them for you! Just give me a call or send me an email!
You may have heard the term dual agency. Dual agency occurs when the seller’s agent and the buyer’s agent works for the same Broker (i.e. Long & Foster RE). This means that the Broker has a legal obligation to both parties and a duty to maintain confidentiality of information.
What does this mean for you? Should you be concerned that your transaction may have the same broker? Not really. The agents that represent both the buyer and the seller are sworn to represent their clients' best interest, and that includes your confidentiality. If they work for the same company, you're represented by the same Broker, and that Broker is sworn to the same confidentiality that the agents adhere too. They still have to abide by the laws and what the Maryland State Commission requires. All of those fidiciary issues are still there.
If the other party is using the same firm as your agent is, you'll be asked to sign a Dual Agency Agreement, which makes sure you're aware that the same Broker is representing the transaction.
Do you have any questions about what dual agency means in Maryland? Or are you considering real estate in Washington DC and have dual agency questions? I'll be glad to answer them for you! Just give me a call or send me an email!
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