A “dual agency” relationship occurs when a brokerage firm holding the listing also represents a buyer. When an agent represents the seller and the buyer in the same transaction, it is referred to as "dual agency.” North Carolina has guidelines that outline how dual agency can take place and the dual agent has responsibilities toward both the buyer and seller. Dual agency must be clearly disclosed and agreed upon by all parties involved. This arrangement can lead to potential conflicts of interest, and buyers should be fully aware of these implications before consenting to dual agency. All agents are responsible for informing their clients of all potential risks that could arise due to conflicts of interest. Legally, agents cannot work on both sides of any transaction without their client's consent. If you’re selling your home and you don’t want your agent to represent the buyer as well, you have the right to specify this in the listing agreement. The same applies to buyers. A buyer can terminate their contract with an agent if they wish to purchase a home listed by that agent. When it comes to dual agency, there are definite advantages for the seller. • Trust has already been gained with your listing agent, so representation for the buyer has been established. • Your agent brought you the buyer knowing that you’re selling, even if your property has not yet hit the market. • Your listing agent will have already covered and researched your neighborhood’s market to gain buyer inquiries, which means your agent will be working from all sides of the deal to sell your house faster, and with more incentive. 14
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