The full explanation
In Washington, a broker may act as a “limited dual agent” only with both parties' written consent; the broker may not act against either party, must disclose any conflict of interest in time and may not reveal either party's confidential information. In Florida, the law does not allow dual agency: the broker may work as a transaction broker, giving both parties a limited form of representation. Your agreement with your agent can say what happens in these cases.
An example
Marta, in Washington, wants to make an offer on a home listed by the same agent who is helping her search. The agent asks Marta and the seller to agree in writing that she will act as a limited dual agent. Marta reads what the agent's duties will be before signing.
You will see it in…
- Your buyer agreement, in the conflicts of interest section
- The notices your state requires about your relationship with your agent
- Terms such as “limited dual agent” or “transaction broker”
