Definition of "Bad faith"

Intent to deceive or never to carry out the provisions of an agreement.

Comments for Bad Faith

Felix Gallegos Felix Gallegos said:

how do i find out if a realtor acted as a dual representative for the buyer and the seller.

Aug 13, 2023  11:28:16

 
Real Estate Agent

Hello Felix! Thank you for reaching out to us!

If you're concerned about the potential dual agency, consulting a real estate attorney is a good idea. They can supply you with legal advice and help you understand potential conflicts of interest. Remember that regulations regarding dual agency can vary by state. Some states require disclosure of dual agency, while others might not. It's essential to understand the rules in your specific state. Also, you can follow these steps:

In some cases, the fact that a realtor acted as a dual agent may be disclosed in the listing agreement or purchase contract. Review these documents to see if there's any mention of dual agency.
You can ask the realtor directly about their role in the transaction. Realtors are required to disclose their agency relationships to clients. If they were a dual agent, they should be honest about it.
You can also search public property records to see if there's any indication of the agent's involvement in the transaction.
Suppose you're unable to determine the agent's role. In that case, you can contact the real estate brokerage that the agent is affiliated with. They may have records that indicate whether the agent acted as a dual agent in the transaction.

Aug 14, 2023  04:58:17
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Obligation taken on by a person who did not obtain it originally, but agrees to honor the terms of the existing obligation as a condition for the transaction. By assuming the loan rather ...

An asset. The term cost is often used when referring to the valuation of acquired property. When it is used in this sense, a cost is an asset. Concepts of cost and expense are often ...

An adjustment to the internal rate of return (IRR) computation so as to improve this measure. This uses a risk-free after-tax rate and a customary rate for money reinvestment. ...

Literature, samples, equipment, tools, and other useful information that real estate brokers or agents can use for demonstration purposes to prospective buyers. ...

In general terms, a licensee means a person or legal entity who has received authorization or permission to perform a particular activity through another party (the licensor in our case.) ...

Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancellation of the unpaid balance and a ...

The accelerated depreciation definition is a type of depreciation that makes it possible for a homeowner or real estate investor to depreciate their property faster than the straight-line ...

Concept used in valuing real property that conditions may be altered requiring a revised estimate of market value. These conditions include a shift in the demand/supply relationship, ...

Combination of two or more real estate brokerages into one, with only one company retaining its identity. Typically, the larger of the two companies is the company whose identity is ...

Popular Real Estate Questions