Get the free This DUAL AGENCY ADDENDUM hereby modifies the attached: (Instructions: Initial appli...

DUAL AGENCY ADDENDUM This DUAL AGENCY ADDENDUM hereby modifies the attached: (Instructions: Initial applicable agreement) NEAR Form #101 (Exclusive Right to Sell Listing Agreement) NEAR Form #103

How to fill out this dual agency addendum

To fill out the dual agency addendum, follow these steps:

1. Begin by carefully reading the addendum and ensuring you understand its purpose and implications. Dual agency occurs when a real estate agent represents both the buyer and the seller in a transaction, and this addendum outlines the specific details and responsibilities associated with such representation.
2. Identify if you are acting as a dual agent. If you are a real estate agent representing both the buyer and the seller in a transaction, then you will need to complete this addendum. If you are not acting as a dual agent, this addendum may not be applicable to your situation.
3. Gather all the necessary information required to complete the addendum. This typically includes the names and contact information of the buyer and seller, the property address, and any other relevant details specific to the transaction.
4. Carefully review each section of the addendum and fill it out accurately. Some common sections in a dual agency addendum include disclosure of dual agency, acknowledgment of potential conflicts of interest, and agreement to specific conditions or limitations of the dual agency representation.
5. Consult with both the buyer and the seller to ensure they understand the implications of dual agency and are willing to proceed with this form of representation. It is crucial to obtain their signatures and initial any relevant sections indicating their consent and understanding.
6. Make copies of the completed addendum for all parties involved, including your records and the clients' records. This ensures that everyone has a copy of the addendum and can refer to it if any concerns or disputes arise during the transaction process.

Who needs this dual agency addendum?

1. Real estate agents who are acting as dual agents, representing both the buyer and the seller in a transaction, need to complete this addendum. It provides a transparent disclosure of the dual agency relationship, acknowledges potential conflicts of interest, and outlines the specific terms and conditions associated with dual representation.
2. Buyers and sellers involved in a real estate transaction where the agent is acting as a dual agent should also be familiar with this addendum. Understanding the nature of the dual agency relationship and reviewing and signing the addendum demonstrates their informed consent and agreement to proceed with this form of representation.
3. Additionally, depending on local laws and regulations, some states or jurisdictions may require the use of a dual agency addendum in specific situations. Therefore, it is essential for all parties involved in the transaction to understand and comply with any legal requirements or obligations related to dual agency.

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What is this dual agency addendum?

The dual agency addendum is a document that is used in real estate transactions when a real estate agent or broker represents both the buyer and the seller in a transaction.

Who is required to file this dual agency addendum?

The dual agency addendum is required to be filed by the real estate agent or broker who is acting as a dual agent representing both the buyer and the seller in a transaction.

How to fill out this dual agency addendum?

To fill out the dual agency addendum, the real estate agent or broker should provide all the required information such as the names of the buyer and seller, the property address, and the terms of the transaction.

What is the purpose of this dual agency addendum?

The purpose of the dual agency addendum is to disclose to all parties involved in the transaction that the real estate agent or broker is representing both the buyer and the seller.

What information must be reported on this dual agency addendum?

The dual agency addendum typically requires information such as the names and contact information of the buyer and seller, the property address, and any specific terms or conditions of the transaction.