Forms & Disclosures

Opinion 26 Memorendum on the Unauthorized Practice of Law To Buyer and Seller Read this Notice Before Signing the Contract The Law requires real estate brokers to give you the following information before you sign this contract. It requires us to tell you that you must read all of it before you sign. The purpose is to help you in this purchase or sale. 1) As a real estate broker, I represent __ the seller, not the buyer; __ the buyer, not the seller; __both the seller and the buyer; __ neither the seller nor the buyer. The title company does not represent either the seller or the buyer. 2) You will not get any legal advice to either the buyer or the seller. If you do not hire a lawyer, no one will represent you in legal matters now or at closing. Neither I nor the title company will represent you in those matters. 3) The contract is the most important part of the transaction. It determines your rights, risks, and obligations. Signing the contract is a big step. A lawyer would review the contract, help you to understand it, and to negotiate its terms. 4) The contract becomes final and binding unless your lawyer cancels it within the following three business days. If you do not have a lawyer, you cannot change or cancel the contract unless the other party agrees. Neither can the real estate broker nor the title insurance company change the contract. 5) Another important service of a lawyer is to order a survey, title report, or other important reports. The lawyer will review them and help to resolve any questions that may arise about the ownership and conditions of the property. These reports and survey can cost you a lot of money. A lawyer will also prepare the documents needed to close title and represent you at the closing. 6) A buyer without a lawyer runs special risks. Only a lawyer can advise a buyer about what to do if problems arise concerning the purchase of this property. The problems may be about the seller's title, the size and shape of the property, or other matters that may affect the value of the property. If either the broker or the title company knows about the problems, they should tell you. But they may not recognize the problem, see it from your point of view, or know what to do. Ordinarily, the broker and the title company have an interst in seeing that the sale is completed, because only then do they usually receive their commissions. So their intersets may differ from yours. 7) Whether you retain a lawyer is up to you. It is your decision. The purpose of this notice is to make sure that you have the information needed to make your decision. ________________________________Seller _______________________________________Buyer ________________________________Seller _______________________________________Buyer ________________________________Date ________________________________________Date ________________________________Selling Broker ________________________________Listing Broker ________________________________Date ________________________________________Date