What are the new regulations about disclosed dual agency?
A dual agent must disclose all material adverse facts known by the dual agent. In addition, a dual agent shall not disclose confidential information,
including the following:
- Telling the buyer information that would put the seller at a disadvantage;
- Telling the seller information that would put the buyer at a disadvantage;
- Telling the buyer that the seller will accept less than the asking price;
- Telling the seller that the buyer will pay more than the asking price;
- Telling the buyer what the seller’s motivating factors are;
- Telling the seller what the buyer’s motivating factors are;
- Telling the buyer that the seller will agree to financing terms other than those offered;
- Telling the seller that the buyer will agree to financing terms other than those offered;
- Telling the buyer what the seller’s real estate needs are;
- Telling the seller what the buyer’s real estate needs are;
- Telling the buyer the seller’s financial information;
- Telling the seller the buyer’s financial qualifications. (193E–12.5)
Taken from the Iowa realtors association: http://www.iowarealtors.com/legislation/frequent-legal-questions
About Jason Kok
Jason has been in the real estate business for over 20 years. He currently lives in Southern Iowa in a log cabin that overlooks Lake Sundown with his family which includes his wife and 5 children. Growing up in southern Wisconsin he developed an appreciation for the outdoors. This influences his career decision to sell land and provide others with the opportunity to live in a place they truly love. Jason deals with listings in Iowa, Wisconsin, and Minnesota with his main goal being to help you find a property that will stay in your family for many generations.
