Blog by Andrew Peck

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"May I be a double agent on an expired listing?"

"May I be a double agent on an expired listing?"

"I had an existing client call me and asked me to write a deal on a property. My client gave me the owner’s phone number. I called the owner asked if the property is listed; he indicated it had been listed for quite awhile, but it was expired now. Am I obligated to go through the former listing agent or should I go ahead and double end it...if so what clause should I use to ensure I'm covered?"

If it isn't listed you need to explain to the buyer first (as he is already your client so your duty is to him first), and ask him if he is okay with you to work for him and the seller as limited dual agent (act impartial and can't disclose the seller's confidential information) or to treat the seller as a customer only and have only agency duties to the buyer. Once you have discussed that, then you approach the seller with the options the buyer has given you and then he can choose how he wants to proceed. Usually the seller will want to know what he is saving in commission. The commission is not the issue however; the agency relationship is what you need to ensure you have consent.  n either case, make sure you explain the Working with the Realtor brochure so an unrepresented seller understands that you still have duties to write up proper contracts and to answer their questions but can’t give them advice. 

If he wants agency representation and the buyer doesn't allow that, then you need to allow the seller to get his agent involved again.

 

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Moving towards a National Housing Strategy

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Will a luxury or speculation tax create more affordable housing?

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Will a luxury or speculation tax create more affordable housing? In the last month, both the Mayor of Vancouver and economists from the University of British Columbia and Simon Fraser Un...Click here to read more detail about 'Will a luxury or speculation tax create more affordable housing?'