question archive On March 15, a seller decides to list his house for sale with Focus Realty
On March 15, a seller decides to list his house for sale with Focus Realty
Subject:BusinessPrice:2.87 Bought7
- On March 15, a seller decides to list his house for sale with Focus Realty. An agent at Focus, Sue Park, has the seller sign a listing agreement, then promptly submits the listing information to the MLS.
- On April 19, Ronald Suarez, an agent with Hometown Real Estate, shows the home to a buyer he's working with.
- On May 1, the buyer tells Suarez he wants to buy the house. Suarez prepares an offer (a purchase agreement form), the buyer signs the form, and Suarez submits it to the listing agent, Park, who presents it to the seller the same day.
- On May 4, the seller tells Park, the listing agent, that he wants to accept the offer. She has him sign the purchase agreement form and then calls Suarez to let him know.
- The closing date will be June 12.
When does Ronald Suarez, the selling agent, have to give the buyer a copy of the agency disclosure form? When and how is he required to disclose his agency status in this transaction to the buyer?
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Answer:
On May 1 the disclosure has to be provided.
The disclosure would have to be provided in writing and establish the relationship that exist between between Sue and Ronald.
Step-by-step explanation
The reading for this is that once there is an intent to buy disclosure needs to be made if it is not the principe agent handling the transaction and the other parties need to become aware at this point and disclosed the information.
