Oklahoma Sales Agency Agreement with Agent and Client being Business Competitors in Same Market
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How to fill out Sales Agency Agreement With Agent And Client Being Business Competitors In Same Market?
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FAQ
An Exclusive Agency Agreement is a legal contract between a real estate firm and home seller that grants the firm the right to be the only entity to market and sell a property. In other words, this agreement gives the real estate agent the right to be the only agent to sell the property.
Dual agent A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties' express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
To protect your finances and ensure you are selling or buying at the best possible price, it is probably best to avoid dual agency. Buyers or sellers may be inclined to work with a dual agent because they want to obtain confidential information about the person buying or selling the home.
With dual agency, the Realtor takes on the role of buyer's agent and seller's agent simultaneously in a specific transaction. A home is for sale. The Realtor offers to sell the house for the owner while also representing a buyer interested in the property.
Dual agency is when a single real estate agent represents both the buyer and sellers in a real estate transaction. Designated agency occurs when a buyer and seller are represented by two agents at the same brokerage.
Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont. The other states have different laws governing the disclosure of dual agency and the behavior of dual agents.
Thirteen years ago, Oklahoma moved from the rule of agency, which was common law determined by court case precedent, to statute law passed by the Legislature that determined how we represent clients. In the process, we eliminated dual agency.
That conclusion is neither false nor misleading, and is in fact, the law of the State of Oklahoma. It is true that a real estate agent may legally represent both the buyer and seller in a real estate transaction so long as both parties know of the dual representation and give their assent.