What term describes the act of representing both parties in a real estate transaction?

The term that describes the act of representing both parties in a real estate transaction is dual agency. This concept allows a single real estate agent or broker to represent both the buyer and the seller in the same transaction, facilitating communication and negotiation between the two parties.

Dual agency can create a unique situation where the agent must balance the interests of both parties fairly without favoring one over the other. In many jurisdictions, including Wyoming, the practice of dual agency requires full disclosure to both parties and often involves obtaining their informed consent.

Understanding dual agency is critical for real estate professionals, as it affects how they handle fiduciary duties, and how they must ensure compliance with legal obligations surrounding confidentiality and loyalty. This dual representation can benefit all parties when handled correctly, as it often leads to streamlined negotiations and increased communication. However, it also requires a clear understanding of the responsibilities and potential conflicts of interest involved.