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A limited agent, or double agent, works for both buyers and sellers in real estate transactions. They help sellers set prices, find properties for buyers, negotiate between parties, and handle legal documents. However, some consider it unethical due to the conflict of interest.
A limited agent, also known as a double agent, works for both buyers and sellers in real estate transactions. Limited agent duties include helping sellers set prices on properties, finding properties for buyers to buy, and negotiating between buyers and sellers. Aside from the fact that a limited agent works for both the buyer and seller, the job description is similar to that of any other real estate agent. Once ownership is decided upon, paperwork must be completed in order for the deed or title to be transferred to the new owner.
This job entails helping sellers determine the right price for the property they are selling. A limited agent helps homeowners arrive at this number by researching property prices in the area, analyzing any special features of the property, and consulting with other valuation professionals. A dual agent usually starts out representing the seller and ends up representing the buyer if he or she doesn’t have a real estate agent.
Limited agents also find properties for a buyer to purchase. That means spending time working away from the office, looking at multiple properties and creating listings. Once the buyer has told the agent what they are looking for, the agent can show the buyer several properties. A limited agent usually shows properties to the buyer that the agent is representing with sellers. This means that the agent must have a good understanding of the properties he or she is in charge of selling.
Once a property is found, it is the limited agent’s job to negotiate a price between the buyer and seller, which includes things like closing costs and move-in dates. Other legal documents must be handled, such as the transfer of stocks and bonds to the new owner. Additionally, the agent acts as the main line of communication between the buyer and seller during the process.
In some parts of the world, it is considered unethical to work as a limited agent because of the conflict of interest that occurs when representing competing parties in a real estate deal. Since the seller is trying to make a profit on the property, the limited agent should try to sell the property for the highest possible price. The agent is also representing the buyer, who is trying to buy a property at the lowest possible price. It can be difficult for the agent to successfully represent both parties without creating an unethical situation.
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