How Does Dual Agency Happen?
When buying or selling a piece of luxury real estate in Las Vegas, there are ways to protect yourself. And while dual agency isn’t ALWAYS a bad thing, it is illegal in Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont, and Wyoming for a reason. With dual agency being legal in Nevada, some of the primary ways it can happen are when a listing agent finds their own buyer, an unrepresented home buyer walks into an open house, and when an unrepresented home buyer walks into a new home development.
In a nutshell, dual agency means one real estate professional is representing both sides (parties) in a real estate transaction. While it can be helpful, it can also be dangerous for not only the agent but also the consumer. And this is why both Realtors and real estate consumers should be educated on the matter.