Dual Agency in the Long Beach Island NJ Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Dual Agency 
LBI Real Estate Dual Agency 
LBI Real Estate Dual Agency
Long Beach Island Real Estate
When looking to buy or sell a home, there are several forms of representation that you may encounter. The most common of these are buyer’s agency, seller’s agency, or dual agency. A disclosed dual agent quite simply is representing BOTH the buyer and the seller in a real estate sales transaction on Long Beach Island. Since a dual agent represents both parties, some special considerations need to be taken into account. All buyers and sellers in the LBI real estate market should familiarize themselves with this practice and ask their real estate agent or an attorney for clarity.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Dual Agency
New Jersey is among the states that currently allows dual agency representation (not all states do). Since this is a somewhat common practice in the LBI real estate market, all buyers and sellers should know what this entails. A dual agency representation occurs when the same real estate office represents both the buyer and the seller (it does not have to be the same agent). The real estate agent must have a Dual Disclosed Agency form signed, which explains what this form of representation means. The most critical part to know about dual agency has to do with disseminating confidential information that could help one party at the other’s expense. For example, a disclosed dual agent cannot tell the seller of a home the buyer’s maximum dollar amount is willing to pay. Likewise, a disclosed dual agent cannot tell a buyer to offer a lower price because he or she knows the seller HAS to sell by a specific date. A real estate agent on Long Beach Island must be able to fairly represent both parties.
Dual Agency in the Long Beach Island NJ Real Estate Market
Dual agency is commonplace in the LBI real estate market, and therefore, it is hard to avoid. Instead, it is best to understand the risks associated with this form of representation, ask the agent or an attorney, and make sure you are comfortable with it. If not, as a buyer, you have the right to use any agent you wish. As a seller, you can deny dual agency representation, which will only allow buyers to be represented by an outside agency. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
You May Also Like:
Landscaping and the Long Beach Island NJ Real Estate Market
Long Beach Island Real Estate Buyer’s Agent