What does disclosed dual agency require from both parties?

Disclosed dual agency involves a situation where a real estate agent represents both the buyer and the seller in a transaction. For this arrangement to be valid and ethical, it requires written consent from both parties involved. This written consent serves to ensure that both the buyer and the seller are fully aware of the potential conflicts of interest that may arise when one agent represents both sides of the deal.

Obtaining written consent protects all parties by providing clarity about the agent's role and responsibilities, as well as ensuring that both parties have agreed to the arrangement knowingly and willingly. This process is crucial because it fosters transparency and helps to maintain trust, which is essential in real estate transactions.

Oral agreements, while potentially valid under certain circumstances in different contexts, do not provide the same level of protection and clarity as written consent does in the realm of disclosed dual agency. Similarly, trust agreements and financial approvals do not specifically address the requirements of dual agency and do not fulfill the need for consent regarding the representation of both buyer and seller.