Agent Disclosure
I am a real estate agent in CA and I want to begin REI working in pre-foreclosure sales, subject to, assignment of contract etc. Should I disclose this in some way maybe stating that I am a real estate agent performing the duties of an independent real estate investor, does this expose me to some liability in connection with my fiduciary responsibilities? Kind of confused any help would be great.
Hi Ryan,
I have the same issue. Without providing legal advice, here is what I am thinking about using in my buyer agreements as an additional provision:
1. BUYER DISCLOSES THAT [Your Name] IS LICENSED BY THE STATE OF CALIFORNIA AS A REAL ESTATE BROKER. HOWEVER, [Your Name] IS NOT EARNING A COMMISSION UNDER THIS AGREEMENT. NONETHELESS, BUYER IS PURCHASING THIS PROPERTY FOR INVESTMENT.
Regards,
Pearly
Here in Iowa, (i'm pretty sure its a national law) agents have to disclose they are real estate agents. Most do it on the listing when they sell. I'd make sure you state it to the sellers agent, and add a provision as suggested in the purchase agreement. All I've ever been told is that it has to be disclosed that you are an agent.