Residential Transactions
Chapter 475 mandates certain duties and obligations in each type of brokerage relationship that apply to all real estate transactions. However, written disclosures are required only when dealing in residential real estate transactions.
− A written disclosure notice is only required for residential real estate transactions unless a transaction broker relationship is established.
A residential sale is defined as:
− The sale of improved residential property of four or fewer units;
− The sale of unimproved residential property intended for use as four or fewer units;
− The sale of agricultural property of ten or fewer acres
The disclosure requirements do not apply to:
- Nonresidential transactions
- Rental or leasing, unless there is an option to purchase property with four or fewer residential units
- Auctions
- Appraisals
- Business opportunities unless improved with four or fewer residential units.
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