What happens if I’m the designated buyer’s agent for two people seeking the same property?

Article 15 of the Real Estate License Act provides that a disclosure needs to be given by a designated agent to two or more buyers when contemporaneous offers are being made for the same property. This would apply both in a lease situation and in a purchase transaction. The policy behind this is that if a designated agent is representing two or more prospective buyers or tenants interested in making an offer on the same property at about the same time, then those prospective buyers or tenants have a right to know the designated agent is involved in both offers. The parties may then choose to continue to work with the designated agent or they can ask for other representation.

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