Double ending is an industry term that describes situations that relate to fees payable on a dual agency transaction. Typically, the licensee agrees to pay a portion of the fee (agreed to by the seller) for agency representation to the licensee who introduced the buyer to the property.4 May 2017
What does it mean to double end a deal?
When a buyer purchases a home directly through the listing agent, rather than through their own buyer's agent, they enter into an arrangement known in the industry as “double-ending.” The term refers to the fact that there are two “ends” or halves of a commission on a real estate deal.18 Jun 2020
Is Double ending legal?
When a buyer and seller are working with the same licensee it is referred to legally as limited dual agency and the fees earned when dual agency successfully concludes a transaction are generally referred to as a “double ended” transaction.4 May 2017
What is a double listing in real estate?
Dual agency is when a real estate agent works with the buyer and the seller on the same transaction simultaneously. Here's a common scenario on when dual agency may occur: A real estate agent is hired to sell the home of a client named Mary.1 Mar 2020
Is Double ending legal in the US?
It's legal (check your state or jurisdiction's law to be sure). A double closing is treated like any other closing in the sense that the wholesaler is actually buying the property and then selling it, a practice that doesn't require a licensed real estate agent.5 Jul 2020
Is being a double agent illegal?
Dual agency occurs when a buyer and seller let a single real estate agent (or two agents from the same brokerage) represent them in a transaction. Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.10 May 2018
Can a realtor double end a deal?
What are Double-Ended Deals? These are real estate transactions where one agent represents both the buyer and seller and collects commission from each when the sale is made. They aren't illegal, as long as all parties agree to it in writing, and they're fairly commonplace.27 Apr 2017
Is Double ending legal in Ontario?
Double-ending is allowed throughout much of Canada, including in Ontario, as long as it's disclosed to all parties involved in the transaction.23 Apr 2017