Dual Agent? Designated Agent? Or Regular Agent?

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Signing a Buyer Broker Agreement with an agent means that the agent now represents you as a “regular” agent.  In that agreement you will also be asked if you are willing to work with a Dual Agent or a Designated Agent.  Let me explain…

A “regular” agent is the agent showing you properties that meet your criteria but they are not the listing agent for that property.  The properties may be listed by that agent’s brokerage firm, but by another agent. 

If you agree to Dual or Designated Agent then that agent may also show you properties they are the listing agent on.  They must advise you they also represent the Seller when they show you the property.

If you choose to make an offer on any of the properties you agent is the listing agent on, then the concepts of Dual Agent or Designated Agent come into play.  Let me explain:

A Dual Agent is an agent who represents both the Seller and the Buyer at the same time.  Both the Seller and the Buyer must agree, in writing, for the agent to represent both sides.  This can be a very slippery slope for the agent.  They are bound by ethics to protect the privacy of both sides and not share confidential information about either side that would benefit the other side.

If either the Seller or the Buyer do not agree to Dual Agency then the managing broker must designate another agent with the brokerage to represent either the Buyer or the Seller.  This too must also be in writing.  When this occurs, both agents remain a regular agent to their client.

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