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 largest financial intermediaries directly involved in the financing of real estate. Commercial banks act as lenders for a multitude of loans. While they occasionally provide financing ...
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 ...
Abusive tax shelters are a consequence that resulted from Congress allowing losses of revenue to be used for tax benefits. They are a side-effect of tax deductions that companies are ...
The rent a property commands in a free and open market setting. ...
Nonprofit entity disseminating advice and data on the best utilization of land. The address is 1090 Vermont Avenue, NW, Washington, DC 20005, telephone (202)289-3307. ...
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the ...
Structure of prefabricated units. ...
What remains after something is removed, such as substances left after a pollution treatment facility is removed. ...
Named after Sir Robert Torrens, a British administrator in Australia. The torrens system is a state-sponsored system of land title registration, not applicable in states, such as California. ...
Have a question or comment?
We're here to help.