In real estate transactions, a limited agent, also known as a dual agent, represents both buyers and sellers. The limited agent’s responsibilities include assisting sellers in setting property prices, locating properties for buyers to purchase, and negotiating between buyers and sellers. Aside from working for both the buyer and the seller, a limited agent’s job description is similar to that of any other real estate agent. After deciding on a property, the paperwork must be completed in order for the deed or title to be transferred to the new owner.
This job entails assisting sellers in determining the best price for their property. A limited agent assists property owners in determining this figure researching property prices in the area, examining any unique features of the property, and consulting with other appraisers. If the buyer does not have a real estate agent, a dual agent will often begin representing the seller and then end up representing the buyer.
Limited agents can also locate properties for a buyer. This entails working outside of the office, visiting different properties, and creating listings. After the buyer informs the agent of his or her requirements, the agent can show the buyer various properties. A limited agent frequently shows properties to buyers for whom the agent is acting as an agent for the sellers. This implies that the agent must be well-versed in the properties he or she is tasked with selling.
Following the discovery of a property, the limited agent’s job is to negotiate a price between the buyer and seller that includes closing costs and move-in dates. Other legal paperwork, such as the transfer of deeds and titles to the new owner, must be completed. In addition, during the transaction, the agent serves as the primary point of contact for both the buyer and the seller.
Working as a limited agent is not considered ethical in some parts of the world due to the conflict of interest that arises when representing competing parties in a real estate transaction. Because the seller wants to make a profit on the property, the limited agent must try to sell it for the highest price possible. The buyer is represented the agent, who is attempting to purchase property at the lowest possible cost. It can be challenging for the agent to successfully represent both parties without creating an unethical situation.