Mississippi Director Option Agreement
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FAQ
Mississippi Dual Agency Law Legal with the written consent from both the buyer and the seller.
"Mississippi Real Estate Commission," or "Commission" means the agency of the State of Mississippi created by §73-35-1, et seq. To regulate the licensing of real estate brokers and salespersons and by §73-35-35 directed to regulate the sale of timeshare and condominium properties.
Specific to dual agency, the failure to disclose and obtain the consent of the principal to the dual agency may result in disgorgement of the broker's compensation and rescission of the transaction.
Dual agents can streamline the home sale process, helping you sell your home faster and with less hassle. However, since they represent the buyer too, your real estate agent may not be willing to negotiate a higher price with the buyer.
If you use a dual agent, they receive the entire real estate commission, most often paid by the seller. In contrast, in a traditional two-agent transaction, the commission is split between the two, sometimes to varying degrees depending on the brokerage.
Which States Ban Dual Agency? Wyoming, Alaska, Vermont, Colorado, Florida, Maryland, Texas and Kansas ban or severely limit the practice of dual agency. While other states have not made it illegal to have dual agency, they have created many limitations on the power a dual agent has.
