Limited Dual Agency


The British Columbia Real Estate Act also offers a limited dual agency option.

 

This means that a buyer can call a listing agent about that agent's property, and the listing agent can subsequently act as both a seller's and as a buyer's agent, in that transaction, under a category known as "limited dual agency".

 

Limited Dual Agency must be agreed upon, in writing, by all parties to the transaction. 

 

In this capacity, that agent must step back from the transaction, in an effort to serve both sides of the transaction fairly.   

 

A duty of care is owed to both seller and buyer, and the agent must be very careful not to disclose confidential information from the vendor (or vice versa) to the opposite party.



It is possible for a realtor to act as both a selling and a buying agent in one transaction, but only if such a capacity is disclosed to all parties, and is agreed upon by all parties, in writing.

 

At one point in time, if a listing was in a particular company, then every realtor in that company would be in a limited dual agency position, when bringing an offer from a buyer on any listing in that company, whether or not it is that particular realtor's own listing.   This was recently changed, to allow Designated Agency.

 

The Real Estate Act was updated in 2005; it is now called the Real Estate Services Act of B.C.