Failure to Disclose Dual Agency
A buyer’s broker of a commercial property received an offer from their client. In good faith they presented the offer to the owner for review. Subsequently, the same broker received an unsolicited offer from another prospective buyer on the same property and also presented the offer to the property owner. The second buyer’s offer was less than the first offer. The buyer’s broker did not disclose that they were representing both buyers. The original buyer was successful. The second buyer alleged that their broker did not properly represent them. They have sued for the value of the lost opportunity, in excess of $500,000.