Consumer Notice Click here to see sample
In November 1999, the state of Pennsylvania enacted the Agency Disclosure Law designed to protect you, the Consumer. The law applies to real estate transactions, whether residential or commercial, and whether by sale or lease. The Act requires that you read the Consumer Notice and sign it prior to entering into a meaningful discussion with any real estate sales associate.
THE CONSUMER NOTICE
Pennsylvania Law requires real estate brokers and salespersons (licensees) to advise consumers who are seeking to sell or purchase residential or commercial real estate or tenants who are seeking to lease residential or commercial real estate where the licensee is working on behalf of the tenant of the business relationships permitted by the Real Estate Licensing and Registration Act. This notice must be provided to the consumer at the first contact where a substantive discussion about real estate occurs unless an oral disclosure has been previously provided. If the oral disclosure was provided, this notice must be provided at the first meeting or the first time a property is shown to the consumer by the broker or salesperson.
Before you disclose any information to a licensee, be advised that unless you select an agency relationship the licensee is NOT REPRESENTING YOU. A business relationship of any kind will NOT be presumed but must be established between the consumer and the licensee.
Any licensee who provides you with real estate services owes you the following duties:
Exercise reasonable professional skill and care which meets the practice standards required by the Act. Deal honestly and in good faith.
Present, in a reasonably practicale period of time, all offers, counteroffers, notices, and communications to and from the parties in writing. The duty to present written offers and counteroffers may be waived if the waiver is in writing.
Comply with Real Estate Seller Disclosure Act.
Account for escrow and deposit funds.
Disclose all conflicts of interest in a reasonably practicable period of time.
Provide assistance with document preparation and advise the consumer regarding compliance with laws pertaining to real estate transactions.
Advise the consumer to seek expert advice on matters about the transaction that are beyond the licensee's expertise.
Keep the consumer informed about the transaction and the tasks to be completed.
Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that the service will be used.
Table of Contents
Part 1: Consumer Notice-9/14/17
Part 2: Buyer's Agency Contract-9/21/17
Part 3: Buyer's Agent Commitment to Client-10/10/17
Part 4: Mortgage Pre-Approval, Why is it Essential?-Coming Soon
Part 5: The Seller's Disclosure
Part 6: Deposit Money in a Real Estate Transaction-Coming Soon
Part 7: The Escalation Clause, To Use or Not to Use?-Coming Soon
Part 8: The Anti-Fraud Disclosure-Coming Soon
Part 9: The Sales Agreement, What Is In It?-Coming Soon