Wednesday, August 3, 2016

To "DUAL or not to DUAL"

Virginia law allows for disclosed dual agency (representation) in a real estate transaction. That means the same real state agent may represent BOTH the buyer and seller in the SAME transaction.
My only question is:  would you hire an attorney to represent both the Commonwealth against you, and the same attorney to represent you in a court of law?  The short answer is - you can't!  Provisions have been made by the Commonwealth to ensure full loyalty to one party - either for you, or against you. Now, that said, we don't anticipate a real estate transaction to get as combative as a court scene can. However, we hear stories too often, (after the fact) of how one buyer or seller in the above scenario felt  abandoned by their shared agent and would never do it again..  Hmmmm.... who couldn't see that one coming? 
Why do buyers and sellers agree to this?  Too often to save money.
The consumers may have been told there will be a discount offered in compensation to the agent involved should only that singular agent be involved in the transaction. Again, the analogy: should it save me money to have one attorney represent the Commonwealth, and that same attorney represent me in a court of law, would I do it? I think most would think long and hard on if that was a sound decision. Did the explanation go beyond the reduced compensation? Were the required forms used and explained well?  Have all the details been advertised openly in MRIS for all agents to see those details in the event of a competitive situation? 

At Hanrahan Properties, as a matter of policy, we will not represent both sides to a transaction.  We can assist the other party without representing them. Feel free to call to discuss how to be fully represented in any transaction.

2 comments:

  1. I live in Madagascar ( East Africa),and life is worth living comfortably for me and my family now and really have never seen goodness shown to me this much in my life as I have been going through a problem as seriously as my son found a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and I could not pay the bills, then your surgery went to the bank to borrow and reject me saying that I have no credit card, from there i run to my father and he was not able to help, then when I was browsing through yahoo answers and i came across a loan lender Mr, Benjamin Breil Lee, offering loans at affordable interest rate I had no choice but to give it an attempt and surprisingly it was all like a dream, I got a loan of $ 110,000.00 to paid for my son surgery then get myself a comfortable business to help me going as well. I  thank God today is good and you can walk and is working and the burden is longer so much on me more and we can feed well and my family is happy today and i said to myself that I will mourn aloud in the world of the wonders of God to me through this God fearing lender  Mr Benjamin Breil Lee and I would advise anyone in genuine and serious need of loan to contact this God-fearing man on  ......  247officedept@gmail.com through .. and I want you all to pray for this man for me or Chat with him on whatsapp  +1-989-394-3740 as well.
    Thank you

    ReplyDelete
  2. Do you need Personal Loan?
    Business Cash Loan?
    Unsecured Loan
    Fast and Simple Loan?
    Quick Application Process?
    Approvals within 24-72 Hours?
    No Hidden Fees Loan?
    Funding in less than 1 Week?
    Get unsecured working capital?
    Contact Us At : gaincreditloan1@gmail.com
    Whatsapps +1-(551) 356-3808 (call/WhatsApp)

    ReplyDelete