I will be in the process of

I will be in the process of hiring an exclusive broker to represent us leasing office space for just a new corporate headquarters. He noted the possibility of dual agency in dealing with this assignment. What is dual firm and how would it affect us?

Quoting from the New York Department of Express, "Dual agency arises when a real-estate broker or salesperson represents poor parties (e. g. a buyer and seller) in the same transaction. "

This is a very serious issue that will need close examination. If you hire a unique agent, you are acting as a principal. Your agent, by definition, can be described as fiduciary, whose fundamental duties include things like good faith, undivided loyalty, and full and fair disclosure. Further from typically the Counsel's Office of the New York State Department of State, "Such tasks are imposed upon real estate licensees by license law, rules and regulations, deal law, the principals of the legislation of agency, and tort laws... The object of these rigorous standards regarding performance is to secure fidelity from the agent to the principal and insure the transaction of the business of the agency to the best advantage of the main. " In other words, all actions undertaken by your agent, in word plus deed, must be in your best interests.

As your exclusive agent, your broker need to reveal to each property sign company vancouver owner that he symbolizes your interests, and not those of the property owner. His job is to have the best possible terms on your behalf. If your agent also exclusively represents the property proprietor (seller or landlord), the issue is obvious. What is more subtle is known as a situation in which the property is exclusively represented by a salesperson or broker within the same firm as your broker. This is more likely with larger brokerage agencies. From the point of view of the law (and NYS Department of State), the brokers/salespersons are "one and the same" entity when determining dual firm conflict.

Remember that from the definition of agency comes the concept of undivided loyalty. Simply put, the same brokerage agency cannot depict both sides of the transaction unless a really explicit document is signed by both parties, acknowledging that, among other things, they are really waiving their right to an agent's undivided loyalty.

Since fiduciary accountability and undivided loyalty are two of the major reasons to hire an exclusive realtor in the first place, I would recommend that you think everything about signing a document which allows your agent to take actions which are not in your best interests. You are under zero obligation to sign a dual agency agreement.

Since you have not yet hired your exclusive broker, one practical way to address this issue is to ask for a list of properties represented by the same agency. If any of those properties seem to meet your requirements, you will face the truth of dual agency, and may be better served by hiring a different broker agent agency.