And some wonder why I don’t practice Single-Agent Dual Agency … it’s right there in the Virginia Buyer Brokerage Agreement …
“Because of the Broker’s dual representation in such a transaction, Buyer understands that Buyer and the seller have the responsibility of making their own decisions as to what terms are to be included in any purchase agreement. Buyer should be aware of the implications of Broker’s dual representation, including the limitation on Broker’s ability to represent the seller or Buyer fully and exclusively. Buyer understands that Buyer may seek independent legal counsel in order to assist with any matter relating to a purchase agreement or to the transaction that is the subject matter of a purchase agreement. Provided Broker has acted in accordance with its obligations under this Agreement, Broker shall not be liable for any claims, damages, losses, expenses or liabilities arising from Broker’s role as dual representative. Buyer shall have a duty to protect its own interests and should read any purchase agreement carefully to insure that it accurately sets forth terms Buyer wants included in the purchase agreement.”
… Because the Buyer doesn’t have full representation in a single-agent dual agency situation. (bolding mine) Of course, the above is just one of many clauses examining limitations of Dual Agency.
Hat tip to Jay’s comment on Rob’s post about Dual Agency for the idea to post this clause.
I’ve written before about why I think single-agent dual agency is bad. A few times.