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
Directing the bank not to pay a check when presented at the bank. There is a service charge for this. If a contractor loses the check given to him, he may ask that the payor stop payment ...
Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...
(1) Type of loan where the final payment is substantially greater than the previous payments; also termed partially amortized loan. A debt agreement might stipulate a balloon payment when ...
Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...
Land expansion resembling a star. The starts center is the city, and major thoroughfares going away from the city are depicted. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
Nationwide group of independent real estate brokers who cooperate together and share information regarding clients who are seeking to relocate from one area of the country to another. The ...
Giving one's approval to another, e.g., a fiduciary, to manage his or her finances. ...
Insurance based on the National Flood Insurance Program, enacted By Congress in 1968. The intent of this legislation is to provide insurance coverage for those people suffering real ...
Have a question or comment?
We're here to help.