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
The meaning of a disclosure statement is a legal document signed by both parties, the lender and the borrower or buyer. This statement outlines the terms and conditions, the potential ...
Oral or written contract that is not enforceable by the judicial system. Examples are contracts with minors, fraudulent agreements and contracts that exceed the statute of limitations. ...
The abstract of judgment definition is best explained as a written summary of the judgment passed by a court. This abstract of judgment includes the amount of money the losing party of a ...
Securities supported by a pool of mortgages. The principal and interest are due monthly in the mortgages and are passed through to the investors who bought the pool. ...
The geographic moving of an individual from one region to another usually because of a change in employment. Relocation normally involves the complete moving of the individual's ...
Device that places the ownership of real property with one or more trustees for security until the loan is paid by the debtor. It is used in place of a conventional mortgage contract in ...
Estimated value of property after a specified time period. ...
Building or other structure used to receive, hold, and issue products and other goods for a fee. A warehouse is a commercial property typically located in an industrial area. ...
Regulation of the Securities and Exchange Commission (SEC) establishing the criteria to avoid a private offering. For example, John wants to sell shares in an apartment house to several ...
Have a question or comment?
We're here to help.