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
Innovative architectural designs for either single or multi level homes and other buildings incorporating innovative features, such as passive solar heating. Contemporary building plans ...
The United States has a law named “eminent domain” that grants local, state, or federal government the right to take ownership of a private property with or without the consent ...
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 ...
Governmentally held records of public transactions giving constructive notice that documentation exists confirming the transaction. ...
The consolidation of items that have been considered a part of property but are not actually annexed, secured, or joined to it. ...
Heat resistance measure commonly used with insulating material, outside walls, and roofs. The higher the R value, the more heat transfer resistance a material has." ...
Originally strips of wood approximately 1 to 1 1/2 inch wide, 1/4 to 3/8 inch thick by approximately 4 ft. long which were nailed across the wall studs for the purpose of supporting ...
Type of property distribution occurring when a person dies intestate. The estate id divided by the children of the deceased and by their children. For example, if a husband dies intestate, ...
Incontrovertible reality forcing a judge in a trial to find evidence to the contrary unsupportable. ...
Have a question or comment?
We're here to help.