THERE'S A LOT MORE INVOLVED THAN JUST "PROVIDING THE REQUIRED DISCLOSURES",  Chapter 3 of 8

* * * *  HARD CORE REAL ESTATE TALK * * * *

LENN IS PAID FOR WHAT SHE KNOWS, NOT FOR WHAT SHE DOES!

Reference is made to the recent posts of Gary Bolen and comments thereto by Bob Stewart about agents getting the message out describing [justifying] the services provided to home buyers.   

Specifically, Bob Stewart suggested that we write about the duties outlined in my post of November 11, 2006:

1.  Make the appointment
2.  Show the home
3.  Provide the required disclosures
4.  Write the contract and escrow
5.  Manage financing for the buyer
6.  Manage inspections
7.  Manage the title work
8.  Schedule the settlement and manage settlement services

Today's chapter describes the Buyer's Agent's duties when selling FSBO listings.
 
BACKGROUND:  Although we will be showing this For Sale By Owner to a consumer who is our Buyer/Client, we are required to make sure that required federal and state mandated disclosures are included in the transaction where required.  The authority for providing documents to the For Sale By Owner Seller is the understanding that the agent is held to a higher duty than the consumer when federal or state mandated disclosures are required.  Although we don't represent the seller, we can and do provide forms for the seller to use to comply with disclosure laws.  Further, our Buyer's Agency Agreement provides that our Buyer Client agrees that we can provide Ministerial Acts for the Seller.  A ministerial act is a routine act that does not involve discretion or the exercise of the Broker's own judgment, i.e., provide forms. 

FORMS PROVIDED TO FSBO SELLERS

Permission to Show Property -Used with Sellers whose property is not in the MLS.  This is an important risk reduction document when showing or selling homes that are not listed with a Limited Service Broker. 
Agency Disclosure - Advising the Seller that the Agent/Broker represents the Buyer.

IF OUR BUYER WISHES TO MAKE AN OFFER ON THE PROPERTY, WE PROVIDE THE FSBO SELLER WITH
THE BELOW FORMS REQUIRED BY OUR CONTRACT.
Federal Lead Based Paint Disclosure - Required by federal and state law for home constructed prior to 1979.
State Lead Based Paint Disclosure where required.
Property Condition Disclosure or Disclaimer where required. 
Conservation Easement Addendum where required.
Agriculture Zone Disclosure where required. 

FORMS PROVIDED TO FSBO SELLERS
Agency Disclosure - Advising the Seller that the Agent/Broker represents the Buyer.
Federal Lead Based Paint Disclosure - Required by federal and state law for home constructed prior to 1979.
State Lead Based Paint Disclosure where required.
Property Condition Disclosure or Disclaimer where required. 
Conservation Easement Addendum where required.
Agriculture Zone Disclosure where required.

Many FSBO sellers will already have some or all of these forms.  The "Fee for Service Brokers", "Limited Service Representation Broker"  and the "MLS or Exclusive Agency Broker", may have provided the Seller these forms.  In any case, we do not provide explanations or assist in the completion of the forms.  If the Seller has questions about any of the forms, we refer them to the listing broker or suggest that they obtain the services of an attorney.  The risk of dual agency is always there and agents cannot serve two parties in a real estate transaction without full disclosure, change of agency status and the agreement of both the Buyer and Seller. 

We will deal with the seller honestly and truthfully.

We will advocate for our buyer/client.