Monday, August 16, 2010

Is it illegal to have a property listed for rent and for sale by two different real estate agents?

Real Estate QuestionIs it illegal to have a property listed for rent and for sale by two different real estate agents?
If you are looking at renting a property and see it listed by two agents, that's none of your concern.





If you are listing a property for rent and want to use two listing agents, I don't think that's legally possible. It's certainly not ethical. When you list with an agent that gets a commission for finding the tenant, you should have entered into a contract with him. And, therefore, that should preclude you from doing so with another agent.





If you did list with agent A with a listing contract and then listed it with agent B, and agent B found a renter, I would think you legally owe agent A his full commission as well as agent B.Is it illegal to have a property listed for rent and for sale by two different real estate agents?
Sure there is nothing wrong with that. In fact many agents do not handle rentals and some property managers cannot legally handle sales, so this is sometimes necessary.





You are legally required to tell any prospective renters that it is for sale BEFORE they sign any leases.
Not as long as both agents know about the other and agree to share the commission.
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