Q: when dealing with a dual agency, what should i look out for? Should a double agent be able to cash a check for the down pament with out the buying party beihg approved for the credit?
A: Dual agency means that the agent has a contractual agreement with both parties – this is disclosure of that. The escrow check should be cashed & in the appropriate brokers (whoever is positioned to hold that deposit as indicated on the purchase contract / agreement) escrow account & in accordance with that states escrow guidelines (each state has rules on escrow & when it should be on deposit & what parameters it can be released). The approval for credit, as you say, or approval for a mortgage, as I believe you meant, is & usaully becomes a ‘contingency’ within that contract. Read the whole contract through & I know you will find the answers to this & future questions.
About the Author