Articles on “Agency”

CALIFORNIA SUPREME COURT RULES THAT DUAL AGENCY CREATES DOUBLE FIDUCIARY DUTY FOR AGENTS

Monday, November 28th, 2016

The California Supreme Court ruled that both sales agents working for the same broker in a dual agency transaction owe fiduciary duties to both the buyer and seller. This means the listing agent in a dual agency transaction has a fiduciary responsibility to inform and advise the buyer, someone whom the listing agent has probably never met and with whom he/she traditionally does not communicate directly. Conversely, the buyer’s agent has the same fiduciary responsibility to inform and advise the seller.

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WHEN A BROKER IS THE DUAL AGENT OF BOTH THE BUYER AND THE SELLER IN A REAL PROPERTY TRANSACTION, THE SALESPERSONS ACTING UNDER THE BROKER HAVE THE SAME FIDUCIARY DUTY TO THE BUYER AND THE SELLER AS THE BROKER.

Thursday, May 29th, 2014

In a dual agency transaction, where the buyer and seller were represented by sales agents working under the same broker, the listing agent owed a fiduciary duty to the buyer and could be held liable for failing to advise the buyer to verify the accuracy of conflicting information on the square footage of the property. Horiike v. Coldwell Banker Residential Brokerage Co., 169 Cal.Rptr.3d 891 (2014)

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