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Consensual Dual Agency Addendum If property is for sale, the client agrees to pay at closing a broker administration fee ($250.00 Sellers/$195.00 Buyers) to Escrow Services of Iowa, a subsidiary of

How to fill out consensual dual agency addendum

1. Start by understanding what a consensual dual agency addendum is. It is a legal document that acknowledges the involvement of a dual agent in a real estate transaction, where the agent represents both the buyer and the seller.
2. Begin by obtaining the consensual dual agency addendum form from your real estate agent or your local real estate association. Alternatively, you may find a template online that you can use.
3. Read the addendum thoroughly to understand the details and requirements it entails. Pay attention to any specific instructions or fields that need to be completed.
4. Fill out the basic information section, which typically includes the names of the parties involved (buyer, seller, and agent), the property address, and the date.
5. Next, specify the type of agency relationship you are acknowledging in the addendum. Clearly indicate that it is a consensual dual agency by checking the appropriate box or writing it explicitly.
6. Provide the names and contact information of the dual agent representing both the buyer and the seller. This ensures transparency and allows for easy communication between all parties involved.
7. Include any additional terms or conditions that you and the other parties have agreed upon regarding the dual agency representation. This may cover matters such as confidentiality, disclosure obligations, and conflicts of interest.
8. Ask your real estate agent for any specific details or clauses that need to be added to the addendum, based on local regulations or industry practices. Ensure that all required information is accurately included.
9. Review the completed addendum thoroughly before signing it. Double-check for any errors or omissions that may need to be corrected. If necessary, consult with your attorney or real estate professional for any clarifications.

Who needs consensual dual agency addendum?

1. Buyers and sellers who engage the same real estate agent to represent them in a transaction.
2. Real estate agents who are acting as dual agents, representing both the buyer and the seller simultaneously.
3. Individuals involved in a real estate transaction where a dual agency relationship is allowed or required by local laws and regulations.

Note: It is important to consult with a real estate attorney or professional familiar with local regulations to ensure compliance and understand the implications of entering into a consensual dual agency relationship.

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What is consensual dual agency addendum?

Consensual dual agency addendum is a form that allows both parties in a real estate transaction to agree to dual agency, where one agent represents both the buyer and the seller.

Who is required to file consensual dual agency addendum?

Both the buyer and the seller are required to file consensual dual agency addendum if they agree to dual agency representation.

How to fill out consensual dual agency addendum?

Consensual dual agency addendum can be filled out by both parties with the assistance of their real estate agents or brokers.

What is the purpose of consensual dual agency addendum?

The purpose of consensual dual agency addendum is to disclose and confirm that both parties agree to the same agent representing both sides of the transaction.

What information must be reported on consensual dual agency addendum?

Consensual dual agency addendum must include the names of the buyer, seller, and the agent, as well as a statement of acknowledgment of dual agency.