Real Estate Agent/Investor Disclosure
I am cross posting this on a couple of the forums to see what any of you might have to offer.
As real estate agents who are also investors know, we have an added step in our process of making an offer to buy or putting a property up for sale. We must DISCLOSE, DISCLOSE, DISCLOSE that we are real estate agents.
Does anyone have a form they have the buyer or seller sign which acknowledges they have been informed that the agent/investor does NOT represent them but only represents him or herself?
Thanks!
Deb
In PA, licensees are required to provide consumers with a Consumer Notice which defines types of agency relationships (seller, buyer, dual, etc) and duties owed the consumer. If VA uses something similar to this, perhaps you could attach something you and the owner would sign that says you are representing yourself (eg, functioning as a "buyer's agent"
and not representing the owner.[ Edited by NancyChadwick on Date 04/06/2004 ]
I know in my state it's really simple. And you may have the form, it's a "transaction broker notice" form. It's saying in normal words, your not a buyers broker, just a transaction broker. Also any agent/broker is showing a house for the first time to someone or signing a listing contract the first time they must sign the "transaction broker notice". There isn't any investor form, because investors aren't licenced by the state.
Lance
I have the same question. I'm a Real Estate sale's agent and would like to start investing here in Orlando. Can anyone e-mail me with a form for disclosing myself as an agent that is interested in purchasing the property for my own investment interest.
Kcardin,
If your state association of realtors has a legal hotline, ask them if there is a form you can use or if you can take an existing form and modify it.
NancyChadwick, Thanks I will call them tomorrow. If anyone have one please e-mail it to me at **Please See My Profile**
Yes a "duties owed" and an "agency relationship declaration" would be necessary and a reasonable start. But, IMHO not sufficient.
Utah recently enacted a law (I'm told) which prohibits an agent from wearing both hats. When you go out to see a seller you're either there as an investor or an agent- BUT not both. You cannot change hats if the other objective doesn't work. That, I consider wise and prudent. Wear only one hat.
Lastly, as OPS_Partners suggests you must Disclose,Disclose,Disclose on every document, every addenda,every CYA document. You should know the disclaimers-As principal,For Profit,For Resale,For Investment,Purchased below fair market value,etc,etc,ad nauseum.