Buying a House? Beware of the dual agency.

If you are buying a house you need your own agent. A real estate agent is either a buyer's agent or a seller's agent.

Almost everyone who buys a house generally goes through a broker. Many times, an agent working for the broker (i.e. Prudential) represents both the buyer and the seller. This arrangement is called a "dual agency". I don't like the dual agency situation at all. Many of my clients sign a dual agency agreement without understanding what it means. The agreement is generally a boilerplate form that is full of fine print and legalese that my client does not read.

In my opinion, if you agree to a dual agency, you do not have an agent because your agent represents both the buyer and the seller. An agent is your personal advocate and he or she should work for you exclusively!

If you are buying a home or land you should consult with a real estate attorney before you do or sign anything.