Dual Listing
Definition of "Dual listing"
When you sign a Listing Agreement with a real estate broker or agent, he or she has a fiduciary responsibility to represent your interests exclusively. However, should another client of the real estate broker or agent want to make an offer on your house, the agent/broker would then find himself in a Dual Listing.
But how can he do his/her job of representing my interests exclusively if the home buyer is also his/her client? you ask.
Well, he can’t. Only if you (and the home buyer) agree so. A dual listing occurring without the knowledge of both the home seller and the home buyer violates the principal fiduciary relationship and therefore is illegal. So, whenever an agent/broker notices this conflict of interests happening, the first thing he/she needs to do is warn both clients. If both of them aren’t bothered by that… then game on!
Real Estate Secrets:
Dual Listing is yet another Listing Agreement ramification. Check out others like Net Listings, Open Listings, Option Listing and much more in our Glossary terms.
If that feels too advanced for you, go back to basics and try our Listings 101: What you need to know when you hire a Real Estate Agent or a Broker blog post.
Want no such thing? We’ll give you the TL;DR version: find a real estate agent and let him/her do all the heavy lifting.
Popular Real Estate Terms
Structure built into the water from the land providing a facility for boats to tie up. A dock will often provide utility access ...
Amount still unpaid at a particular date on a loan or other financing agreement. ...
A will where the decedent's nomination of an executor/executrix is flawed, requiring an administrator to be appointed by the court and annexed to the will. ...
Financing technique aimed at those people who only plan to live in a house for a short time. Under this mortgage, a lower interest rate and, thus, a lower monthly mortgage payment are ...
Restraining a person or business from denying an appropriate conveyance of property evidenced by a deed has given. ...
Items of real and personal property that usually have a long life, such as housing and other real estate. ...
Partner in a real estate business who remains anonymous but has legal rights and obligations. ...
Individual who has a legal obligation to pay money to another. ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
Have a question or comment?
We're here to help.