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#161604 - 08/09/07 02:19 AM
Agency Disclosure
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Member
Registered: 08/09/07
Posts: 16
Loc: California
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In California, when working as an exclusive buyer's agent, when should the Agency Disclosure form be signed buy the buyer and sent to the seller? We have an offer in, but this form was not requested.
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#161748 - 08/09/07 03:55 PM
Re: Agency Disclosure
[Re: livinitup]
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Veteran Member
Registered: 03/31/04
Posts: 513
Loc: Twin Cities, MN
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Cannot answer to California requirements but in Minnesota, Agency Disclosure is made at the first substantial contact with the consumer. Substantial contact would be prior to discussing price, terms, motivation with consumer. The consumer reads the disclosure and signs it. This disclosure is placed in the file. Commerce department will randomly check broker transaction files specifically looking for this disclosure. Fines apply if there are found to be none.
Generally, this disclosure is not submitted with offers.
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#161967 - 08/10/07 09:32 AM
Re: Agency Disclosure
[Re: Jim Erickson]
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Member
Registered: 08/09/07
Posts: 16
Loc: California
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#192182 - 01/10/08 03:12 AM
Re: Agency Disclosure
[Re: livinitup]
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Member
Registered: 01/29/06
Posts: 46
Loc: Auburn, Ca
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I would ask the buyer to sign it right away, that way they can't come back at you and say they didn't understand what the relationship was. When you submit the offer its not necessary for the seller to have the agency disclosure untill the offer is accepted.
_________________________
Corinne Shepard-Realtor Keller Williams Realty 11601 Blocker Dr. Suite 200 Auburn, Ca 95603
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#196863 - 01/25/08 04:29 AM
Re: Agency Disclosure
[Re: Pikes Peak]
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Veteran Member
Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
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LOCALLY The requirement is to make written disclosure at the earliest practicable opportunity utilizing your [b]best efforts[/b] to obtain written acknowledgement of the disclosure and before any offer is made.
Interestingly, if my memory serves correctly, it was in the early 80's THAT the common law of agency in relation to the real estate industry was brought to the fore in a successful California lawsuit by a buyer against a real estate agent for the breach of his fiduciary duty to his principal, which the agent denied arguing that he was not the agent of the buyer, but that as the co-operating broker in the transaction, he was the subagent of the listing broker and seller, but the court found that under the common law of agency, the fiduciary relationship and the agents duty thereunder, was clearly establish between the buyer and the agent through implication.
So, it is accepted by the courts that if you act like someone's agent and talk or behave like their agent, you are their agent in the eyes of the court, UNLESS the relationship is clearly documented to the contrary.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .
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#196990 - 01/25/08 05:53 PM
Re: Agency Disclosure
[Re: Devil's Advocate]
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Major Contributor
Registered: 12/15/04
Posts: 2799
Loc: FL
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#197406 - 01/27/08 03:45 AM
Re: Agency Disclosure
[Re: BayAreaTexan]
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Major Contributor
Registered: 12/15/04
Posts: 2799
Loc: FL
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So, what you are saying is, that the laws in California as to buyer Agency are the same as in Colorado (where I am). Without a SIGNED agency agreement, there is NO agency? The women suing the agent in California doesn't have a leg to stand on because there is no BA contract? http://www.nytimes.com/2008/01/22/business/22agent.html?pagewanted=1&hpp.s. I'm not into brews and laker games, a link to the CA agency laws will be appreciated. Never mind, looks like you are not required to have a separate buyer agency contract, just some type of disclosure form stating who you work for. Here is our BA contract, making it quite clear who pays us and who we work for, including our fiduciary obligations and responsibilities. http://www.dora.state.co.us/Real-estate/contracts/BC60040705CLN.pdf
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