Beware of Limited Agency Agreements with real estate agents. Currently, I am working with a client who purchased property here in Indiana and signed a Limited Agency Agreement with the real estate agent. This agreement allows the agent to represent both the buyer and the seller and is A VERY BAD IDEA! The client explained to her real estate agent that she wanted to utilize the parcel for residential purposes and to improve the property with a small structure, septic, and water. Although the ag
ent knew, or had reason to know, that my client could not improve the land as she intended, the agent did not disclose such information to my client because of the terms and conditions of the Limited Agency Agreement. So, if you are contemplating the sale or purchase of real estate, do not enter into a limited agency relationship. Be sure that you have your own, independent agent working for you.