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
Lessors of real estate play a crucial role in the leasing process. They enable property owners to boost their assets and profits while providing tenants access to dwelling spaces and ...
Older property is bought usually by a governmental agency to be modernized and improved. In many cases, the deteriorating property is torn down and a new structure built. An example is ...
Cement or mortar with a high moisture content developing it into a slurry solution allowing the ability to be poured or pumped into crevices, fissures, and masonry cracks and joints. ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
Modeled after the English Georgian style, this architecture is a perfectly scaled grand symmetrical structure which is extremely formal and conventional in style. ...
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A ...
Property deed in which the grantor limits the title warranty to the grantee. A grantor does not warrant a title defect to the property occurring from a happening before the time of his ...
Estimated price at which a partner in a partnership can buy out another partner. There are several methods for developing a buy-out estimate including market comparisons, appraisals, or ...
Latin: now for then. Descriptive of actions which are performed after a deadline has elapsed, but retroactively have the same effect as if they were carried out in a timely manner. For ...
Have a question or comment?
We're here to help.