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
Property used consistently for many years by someone without challenge from the owner. Easement resulting from law such as the reasonable expectation that a purchaser of one or two ...
Enumeration of the consideration given by each party to a contract which in some cases must be in written form to be enforceable. For example, the statute of frauds requires that all ...
The term land use succession definition can be looked at from two perspectives. While the general way to define land use succession would be “changes that occur over time in the use ...
When we use the term contingent, we typically imply that something is dependent on another factor. Real estate contingencies make home selling, buying, or even inheriting a property ...
Individually owned lots and houses with community ownership of common areas. ...
The meaning of direct costs implies such expenses that you can connect straight to a particular goods’ or service’s production, manufacturing, and preparation. As opposed to ...
Foreclosed property is sold via a sheriff's deed. The amount received is used to pay the balance of any obligations against the owner or real estate. ...
Mortgage loan not insured or guaranteed by a governmental agency such as the Federal Home Administration or the Veterans Administration. This type of loan is repayable in fixed monthly ...
Power of attorney giving permission for a lawyer to represent a client. ...
Have a question or comment?
We're here to help.