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This document modifies various real estate agency agreements to address the potential for dual agency situations where the broker represents both the seller and buyer, outlining roles, responsibilities,

How to fill out dual agency addendum

How to fill out DUAL AGENCY ADDENDUM

1. Begin by obtaining the DUAL AGENCY ADDENDUM form from your real estate agency or regulatory body.
2. Fill in the names of the parties involved in the transaction (buyers and sellers).
3. Include the property address that is being bought or sold.
4. Clearly state the role of the agent in the transaction as a dual agent.
5. Indicate any potential conflicts of interest due to the dual agency arrangement.
6. Ensure that all parties acknowledge and agree to the dual agency by signing and dating the document.
7. Keep a copy of the completed addendum for your records.

Who needs DUAL AGENCY ADDENDUM?

1. Buyers and sellers who are working with the same real estate agent in a transaction.
2. Real estate agents who are representing both parties in the transaction.

People Also Ask about

What is an agency addendum?

Agency Agreement Addendum means the Agency Agreement Addendum-Deed of Trust between the Lessor and the Construction Agent, executed with regard to the Agency Agreement.

What is a dual agency disclosure?

When the same agent or brokerage represents the buyer and seller in the same transaction, the broker and agents under the same broker act as dual agents. In that instance, the dual agency relationship must be disclosed and consented to by the parties. Moreover, the dual agent must constrain the information they relay.

What condition occurs when dual agency is not disclosed and agreed to in writing?

Undisclosed dual agency is a dual agency relationship that is not disclosed and agreed to in writing. If this situation occurs, the agent has breached his or her fiduciary responsibilities to the client.

What is the purpose of an addendum?

The Single Agency Addendum to Business Relationship and Listing Contracts (Form SA) amends the Listing and Buyer Agency Contracts for brokers whose office policy is single agency or whose office policy does not allow the same designated agent to represent both the buyer and the seller as a dual agent.

What is a single agency addendum?

Addendums can override parts of the original contract and expand on others. Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms.

How to explain dual agency to clients?

Key Takeaways: Dual agency is when the same real estate agent represents the buyer and seller in a single transaction. Dual agency can simplify the sale for buyer and seller, but both parties lose out on having their own agent representing their interests in the deal.

For pdfFiller’s FAQs

What is DUAL AGENCY ADDENDUM?

The Dual Agency Addendum is a legal document that discloses the relationship in which an agent represents both the buyer and the seller in a real estate transaction.

Who is required to file DUAL AGENCY ADDENDUM?

Typically, the real estate agent or broker representing both parties in the transaction is required to file the Dual Agency Addendum.

How to fill out DUAL AGENCY ADDENDUM?

To fill out the Dual Agency Addendum, the agent must provide detailed information about both parties, disclose the dual agency relationship, and obtain signatures from both the buyer and seller.

What is the purpose of DUAL AGENCY ADDENDUM?

The purpose of the Dual Agency Addendum is to ensure transparency and inform both parties about the potential conflicts of interest when one agent represents both the buyer and the seller.

What information must be reported on DUAL AGENCY ADDENDUM?

The information that must be reported includes the identities of the buyer and seller, the property details, the agent's acknowledgment of dual agency, and signatures from both parties.