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 Risk management
Controlling Transaction Risks


 		 

Three Lines of Defense Against Risk

Keeping Risks Under Control

Controlling Transaction Risks

Agency Disclosure

Avoiding Antitrust Risks

Minimizing Liability from Contracts

Fair Housing Risks

Controlling Personnel Risks

Communications Policies to Minimize Risks

Insuring Against Risks

More Resources: Controlling Business Risks

Code of Ethics: Controlling Business Risks 		  Dual Agency Dos and Don'ts

Because disclosed dual agency is not a concept that consumers, and in some cases salespeople, understand well, spend time educating them on its benefits and limitations if you choose to offer this representation option. Also, make sure dual agency is legal in your state. Here are some more pointers:

Do:

  • Disclose all material facts about the property.

  • Treat the buyer and seller honestly.

  • Provide information about the property and neighborhood within U.S. Department of Housing and Urban Development guidelines.

  • Convey all of the buyer's questions to the seller and get answers in writing.

  • Disclose the buyer's ability to buy and the seller's ability to sell.

  • Explain real estate terms and procedures.

  • Explain closing costs and procedures.

  • Help the buyer obtain financing.

  • Help the buyer arrange for property inspections.

  • Assist in the standard purchase agreement.

  • Work diligently to complete the sale after the purchase agreement is accepted.


Don't:

  • Work to the detriment of either party.

  • Discuss the motivation of either party.

  • Disclose the price the seller will accept or the price the buyer will pay.

  • Disclose terms other than those in the agreements.

  • Say anything that would hinder the bargaining position of either party.


Adapted from Marcie Roggow, Today's Buyer's Rep, Real Estate Buyer’s Agent Council, January 2000

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