HARRISONBURG HOMEOWNER
  • Blog
  • Sell a Home
  • Find a Home
    • Buying Guide
    • New Listings
  • Contact
  • Lakewood Estates
    • Active Listings
    • Plats and Covenants
  • Kiva Program

Dual Representation Vs. Unrepresented Party

9/9/2014

0 Comments

 
Picture
In my previous blog, we checked out Exclusive Vs. Designated Representation. 

Click here for more information.  

Dual Representation

The Seller and Buyer are represented by the same Agent and Firm who assist in facilitating a successful transaction. The Agent is limited in their ability to represent the Seller and Buyer. An Agent may NOT provide the following services in this type of representation:

  • cannot advise either party as to the terms to offer or accept in any counteroffer
  • cannot advise the buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law)
  • cannot advise either party as to what repairs of the property to make or request
  • cannot advise either party in any dispute that arises relating to the transaction
Unrepresented Party
The Seller is represented exclusively by the same Agent and Firm. The Buyer has no representation in this situation, however the Agent may provide ministerial acts to the Buyer to assist in facilitating a successful transaction. Ministerial acts include:

  • filling in the blanks of a contract while strictly following the Unrepresented Party’s instructions
  • deliver offers and counter offers
  • hold the escrow deposit in the Firm’s account
* The Agent may not provide any advice or service beyond ministerial acts to the Unrepresented Party in a transaction.
** A Seller may also be an Unrepresented Party in a transaction when a Buyer has representation.



Source: MattiasClymer.com

0 Comments



Leave a Reply.

    RSS Feed

    Categories

    All
    Appraisal
    Association Fee
    Backyard Fire
    Bank Owned Homes
    Best Of Harrisonburg
    Best Of The Valley
    Bidding War
    Broadway
    Bubble
    Buyer Profiles
    Buying
    Cash
    Closing Costs
    Commercial
    Coronavirus
    Deferral
    Depreciation
    Development
    Down Payment
    Featured Listings
    First Time Homebuyer
    Flipping Real Estate
    Forbearance
    FSBO
    Getting Ready To List
    GIS
    Harrisonburg
    Home Inspection
    Home Preperation
    Inventory
    Investment
    JMU
    Key Terms
    Kitchen
    Land
    Loan Commitment
    Local Guide
    Map
    Marketing
    Market Report
    Massanutten
    Mortgage
    Moving
    National Statistics
    Negotiations
    New Construction
    Office
    Organizing
    Penn Laird
    PMI
    Preston Lake
    Recasting
    Refinance
    REI
    Relocation
    Remodeling
    Rental
    Rockingham
    Safety
    Sales Forecast
    School District
    Search
    Sellers Market
    Selling
    Settlement
    Staging
    Tax
    Timberville
    Title Insurance
    Township
    TRID
    Utility Costs
    Utilty
    Video
    Virtual Reality
    Weekly Report
    Zillow

Picture
Picture
Email - Click Here
Phone - 540-246-9067
Website - www.mattiasclymer.com
​Schedule a Showing, Meeting, Etc...

Funkhouser Real Estate Group  |  401 University Boulevard, Harrisonburg, VA 22801  |  540-434-2400  |  ©2021  |  Privacy Policy  |  All rights reserved.

Licensed in the Commonwealth of Virginia
  • Blog
  • Sell a Home
  • Find a Home
    • Buying Guide
    • New Listings
  • Contact
  • Lakewood Estates
    • Active Listings
    • Plats and Covenants
  • Kiva Program