#152977 - 07/04/07 05:58 PM
Re: Multiple Bidders, One Buyer's Agent
[Re: pikes peak]
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Member
Registered: 06/20/07
Posts: 294
Loc: New Jersey
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I don't see a problem with this situation until you get to the actual writing of a contract. At which point, I would have another agent in my office write the offer for one of the clients and pay him or her for their time.
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#153034 - 07/04/07 10:39 PM
Re: Multiple Bidders, One Buyer's Agent
[Re: SummitNJ-Realtor]
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Member
Registered: 04/12/07
Posts: 27
Loc: Princeton, NJ
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In this situation my broker would negotiate on behalf of one of my buyers to avoid any perceived conflict of interest.
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#158233 - 07/25/07 09:32 PM
Re: Multiple Bidders, One Buyer's Agent
[Re: GailSusan]
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Member
Registered: 01/03/05
Posts: 253
Loc: Ontario, Canada
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Recent case law from the Montana Supreme Court ruled that an agent was guilty of undisclosed duel agency and a breach of their fiduciary duty to the "plaintiff" who was one of their buyer/clients (in this case the one that didn't get the property) and that what should have been done was that the agent should have made written disclosure to all parties (meaning all of the buyer's and the seller) to the transaction and obtained their written acknowledgment and consent.
What the fall-out will be from this decision is yet to be seen, but it is a legal precedent as of now, and it appears that a buyer's agent is in breach of their fiduciary obligation to a client by representing more than one (buyer) client in a transaction without the required disclosure and express consent.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .
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#158894 - 07/28/07 02:17 PM
Re: Multiple Bidders, One Buyer's Agent
[Re: Devil's Advocate]
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Major Contributor
Registered: 06/23/04
Posts: 3367
Loc: Central Illinois
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That would be DUAL Agency not DUEL Agency!
There was nothing involving pistols at 10 paces or swords!Recent case law from the Montana Supreme Court ruled that an agent was guilty of undisclosed duel agency and a breach of their fiduciary duty to the "plaintiff" who was one of their buyer/clients (in this case the one that didn't get the property) and that what should have been done was that the agent should have made written disclosure to all parties (meaning all of the buyer's and the seller) to the transaction and obtained their written acknowledgment and consent.
What the fall-out will be from this decision is yet to be seen, but it is a legal precedent as of now, and it appears that a buyer's agent is in breach of their fiduciary obligation to a client by representing more than one (buyer) client in a transaction without the required disclosure and express consent.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .
_________________________
Paul Oaks
Oaks Real Estate Group
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