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Old 05-13-2009, 01:14 AM
 
2 posts, read 15,215 times
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Hi everyone,

Last year, I almost purchased a home in California. I got to the point of making an offer, signing a contract, and putting down a deposit. Eventually, however, I ended up backing out amicably.

During the contract process, I signed a DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS form. The exact form in question can be found at:

[url]http://www.isandiegorealestate.com/agency-disclosure.pdf[/url]

Is this form binding like a Buyer/Broker agreement? I know there are true Buyer/Broker agreements, such as a Buyer Broker Agreement -- Non-Exclusive/Not for Compensation" (Form BRNN), Buyer Broker Agreement -- Non-Exclusive Right to Represent" (Form BRNE), or a Buyer Broker Agreement -- Exclusive Right to Represent" (Form BRE). The agency disclosure form seems not to have wording that binds me to my buyer's agent at the time.

I ask because the buyer's agent I was working with did not meet my expectations, and I want to work with someone else. I don't want to be stuck in a situation where the old agent is entitled to a commission as a result of this form. I have seen advice that says a buyer should get a written statement releasing them from a Buyer/Broker agreement. I don't see any wording to support this being a Buyer/Broker agreement (I am sure it would state that on the title of the form), but I just wanted to make sure.

Bottom line... my 2 questions:
1) What is the purpose of the DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS form?

2) Do I need any written confirmation of being released if I change agents?

Thanks!
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Old 05-13-2009, 12:00 PM
 
27,778 posts, read 58,425,030 times
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I've had to sign those many times when the Listing Agent is also my Agent as Buyer...

Normally, an Agent can only represent one side in a business deal... however, in Real Estate, it's not uncommon for an Agent to represent both buyer and seller and this is a huge potential conflict of interest and that is my understanding of why Dual Agency Disclosure is required in CA...

The idea is that all parties need to be made aware.

I personally like dealing with listing agents because they are often able to answer questions quickly and often are more knowledgeable about the listing... my offer is my offer in either case... I won't make an offer unless it says everything I want it to say with the terms I specify.

I think Dual Agents are more motivated because they keep a larger percentage of the sales commission... although I know my favorite agent discounts her commission if she has both sides of the deal...
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