T he Home
Buying Process
Your Guide to Purchasing Proper ty
SN EH A PAT EL
ALeaderinLuxury
Sneha Patel, Global Real Estate Advisor
781.316.4800
Sneha Patel@GibsonSIRcom
54 Central Street Wellesley,MA02482
With the utmost patience, resourcefulness, and dedication, Sneha Patel provides truly elevated experiences for her valued clients. Sneha brings years of experience as a Realtor to her role having participated in more than $250 million in sales transactions during that time She was part of a high-ranking/ top team in Wellesley with a commitment to excellence and a track record of success Sneha is known for delivering superior service and achieving outstanding results
With access to the best resources, technology, and market insights, Sneha provides unparalleled support to her clients Her deep market knowledge, inventive problem-solving skills, and genuine passion for helping people make her a trusted advisor for first-time buyers and seasoned sellers alike.Understanding that buying or selling a home is a significant life milestone often filled with complexities, Sneha works tirelessly to help her clients navigate potential obstacles and bring their dreams to fruition She believes in building lasting connections between people and their homes, prioritizing relationships and exceptional client service above all else
Through her deep understanding of design and renovations, Sneha excels at helping clients visualize a home?s potential and tailor spaces to meet their needs She is a skilled marketer, a sharp negotiator, and masterful at achieving results for her clients with creative and strategic measures.
Sneha is a proud resident of the town of Wellesley, where she served as a board member of Sprague School PTO and the Wellesley Mothers Forum, a local not-for-profit member-driven community organization She is currently a member of the Wellesley Hill?s Juniors Women?s Club, a group of committed women who work together to help those in need
WhyWorkwith aBuyer?sAgent?
The decision to purchase a home is likely one of the largest financial and lifestyle decisions you will make By aligning yourself with a trusted advisor, you will be well positioned to find the right property, negotiate fair terms and overcome any obstacles that occur along the way.
Leveraging our vast local expertise, industry connections, and resourceful tools, Gibson Sotheby?s International Realty will not only assist in helping you find the right home, but guide you through the entire purchase process.
We have the keys to where you want to be.
STEPS TO BUYING A HOME
From initial meetings to the final closing,below is an overview of what to expect throughout the home buying process.
01| GET PRE-APPROVED
The first step of the home buying process is getting pre-approved for a loan During this process, your mortgage lender will review your income and credit history to determine what size loan you are eligible to receive
02 | BEGIN THE SEARCH
Once you have determined your budget, you and your agent will meet to review your wish list, desired timing, and begin your search Together you will review inventory and visit properties.
03 | OFFER STRATEGY MEETING
Prior to preparing an offer, your agent will show you comparable properties and collaborate with you to clearly review different offer strategies. You have the right to a home inspection, a mortgage contingency and a lead paint inspection. Discuss ways to make your offer more appealing and the implications including having a pre-inspection or waiving your rights to other contingencies
04 | SUBMIT AN OFFER
Once you find a property that you love, you will choose an offer strategy and discuss with your agent how to position your offer to get it accepted Based on the seller's response, your agent will guide you through next steps Offer deposit due (typically $1,000).
05 | SIGN THE PURCHASE & SALEAGREEMENT
After the offer and terms are accepted, the seller?s attorney will draft a Purchase and Sale Agreement It states the final sale price and all terms of the purchase. This binding contract needs to be reviewed by your attorney prior to you signing it P&S deposit due (typically 5%).
06 | FORMALLY APPLYFOR A LOAN & LOCK IN YOUR RATE
Your mortgage lender will work with you to review all final loan documents
07 | APPRAISAL
The property will be reviewed by a licensed professional to assess its value
08 | HOME INSURANCE
You will need to review various options and select your homeowners insurance policy
09 | FINAL WALK-THROUGH
Just prior to the closing, you will go through a final walk-through of the property. This will ensure that the property is in the same condition as when you visited previously.
10 | CONGRATULATIONS!
Once you sign the final paperwork, exchange the payment, and the transaction is recorded at the Registry of Deeds, you are officially a homeowner Congratulations, you will now receive the keys to your new home
What toExpect from YourBuyer?sAgent
A buyer's agent represents you, the buyer, during the home buying process. The agent has a fiduciary responsibility to represent only the home buyer's best interest in all aspects of the home buying process
Similar to a Listing Agreement, Buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty. This confirms the compensation for the Buyer's Agent and Brokerage It should be noted that the amount a brokerage charges is not fixed by law, the commission amount is negotiable,and brokerages may set minimum compensation
Prepares a Comparative Market Analysis
PeopletoHaveonYourTeam
BUYER?S AGENT
Take your time to select a buyer?s agent with whom you feel comfortable discussing your goals and priorities in home buying. A good agent is knowledgeable in market prices, neighborhood qualities, and the offer process. In addition to helping you shop for homes, using their experienced eye to point out features and flaws in the home that you might otherwise miss, they will negotiate on your behalf and will be your advocate from the beginning of the process right through closing
REAL ESTATE ATTORNEY
Ask friends, co-workers or your real estate agent for referrals to a good real estate attorney Don? t be shy about interviewing them, and finding one you are compatible with, who regularly represents home buyers and sellers Your attorney should be reasonably affordable, accessible and not too busy for you
LENDER
Your lender is the one who assists you with borrowing the funds to purchase your home, typically in the form of a mortgage Your lender should have a variety of consistently competitive lending programs. They should also be accessible as you may need them on weekends or at night especially during the offer process.
INSURANCE AGENT
The insurance agent comes in after you have signed the purchase and sale agreement Most lenders will not close the sale until the buyer has purchased insurance on the home
HOME INSPECTOR
However similar they may seem, a home inspector is different than an appraiser The home inspector can enter the home buying process either before or after the offer is submitted The inspector takes a deep dive into the home's condition and points out any areas of concern Armed with this information, the buyer can ask the seller to complete some of these repairs themselves, lower the total purchase price,or terminate the sale altogether.
CONTRACTORS
You may need various contractors throughout the process to assess issues that came up at the home inspection, or provide estimates for work you would like to do once you purchase the home Your real estate agent can usually help you with references for good contractors, including plumbers, electricians, painters, contractors, movers and cleaners.
TheRight Tools ForYour Search
DEPOSIT LINK
A simple, secure, and efficient way to send earnest money deposits electronically Payments clear in less than 24 hours You can safely send your deposits from anywhere. Track the status of transfers in real-time with your phone.
REALSCOUT
A collaborative home search tool that allows our clients and their buyer?s agent to share listings, compare properties and spotlight market alerts throughout the home buying process.
OFF MARKET & COMING SOON
Our powerful local network has access to exclusive off market inventory as well as properties before they launch on the MLS
SOTHEBY'S INTERNATIONAL REALTY®WEBSITE AND APP
Our enhanced website now in 14 languages engages millions of buyers via high-resolution photography, 3D virtual reality tours, and ultra-high-definition videos. Listings from around the globe can be accessed seamlessly on any device and mobile users can directly text their buyer's agent from any listing page
LocalExpertise, GlobalConnections.
#1Massachusetts Based Firm
Locally owned and operated, Gibson Sotheby?s International Realty is Massachusetts?s largest independent real estate company and the premier provider in luxury real estate across Eastern Massachusetts With over 500 expert real estate advisors throughout our 25+ offices coupled with our powerful network of more than 1,115 Sotheby?s International Realty offices worldwide, we truly have the power to assist wherever your real estate needs may take you.
25+ Local Offices
500 Local Agents
84 Countries & Territories
1,115 Global Affiliate Offices
Proudly serving Boston,Greater Boston,MetroWest, the North Shore,South Shore,South Coast and Cape Cod.
Client Testimonials
"Where to start? And how could a review ever give Sneha justice? We met her by coincidence during a showing At the time we were just window shopping and looking around But she had left such a heartwarming,authentic, and genuine impression that we knew we would reach out to her when we got serious And so we did (best decision ever!) We were first time buyers and had no clue where to start or how to undertake this venture Sneha was there every step of the way and throughout all possible roller-coasters of emotions! She relentlessly gave us guidance, answered our questions, and attended to our concerns She had a patience beyond what is generally humanly possible We have changed our "check list" for the perfect house God knows how many times (from location to high ceiling) And she always took it lightly and kept our best interest at heart We worked closely with her for more than a year, and have seen at least 40 houses Not once did Sneha make us feel "too much" or pressured us directly or indirectly to put an offer on a house And when we did,and went into absurd bidding wars, she was our sword and shield She fought for us until we got the house that ticked almost every crazy check box we had! If we are ever to do this again, Sneha is the one and only professional we would reach out to We can not recommend her enough "
? Lea and Ralph
"She is a wonderful person and realtor Sneha is knowledgeable about real estate business but also has the pulse about what we wanted and needed in this difficult time There was much pressure on all of us Sneha held fast, she was going to find us what we wanted! Sneha has a great sense of style in purchasing and arranging furniture for us She still maintains contact with us We are so grateful she was there for us She is the best and an invaluable asset to your business "
? Susan
"We chose to work with Sneha for her stellar reputation and are so happy we did. Not only did she get us through an incredibly stressful sale process, she negotiated a fantastic deal for us on our purchase too Throughout a prolonged and stressful process she was even keeled and unflappable. We felt that she held our best interests in mind from start to finish and were so impressed with her professionalism, knowledge of the market and kindness "
? Elizabeth and Chris
"Simply and categorically stated Sneha work was flawless If she were to be graded she would receive from my wife and me an A plus, plus A few examples are: She found many properties in many MA Towns over the several months we were looking and every one of them had merit so It was clear that she listened to us as to what we wanted and didn? t waste our time with properties which had no chance of interesting us She always kept us apprised of new listings as soon as they were posted and in fact due solely to her diligent work we finally found a townhouse which met all of our detailed needs and criteria If we didn? t respond to her telephone call immediately the property would have been sold before we even saw the property In fact we made an offer as soon as we viewed the model Sneha worked with the builders' selling agent and I am sure speeded up the completion date She was essential to us with dealing with extras and decorations She has a wonderful sense of style I could go on and on extolling all the great work Sneha with many adjectives but hopefully I have made my point so I will end by saying she is the best! One more thing My wife and I can? t wait to invite Sneha over to our new home after we fix it up because we wouldn? t be settled here without her I almost forgot to say that without hesitating I would recommend Sneha and your company to any potential client,and in fact have already done " ? Michael
$2,200,000
Wellesley
Wellesley
Wellesley
Needham
Holliston
Commonwealth of Massachusetts
BOARD OF REGISTRATION OF REAL ESTATE BROKERS AND SALESPERSONS
http://www.mass.gov/ocabr/licensee/dpl-boards/re/ MASSACHUSETTS MANDATORY LICENSEE-CONSUMER RELATIONSHIP DISCLOSURE THIS IS NOT A CONTRACT
This disclosure is provided to you, the consumer, by the real estate licensee listed in this disclosure.
THETIME WHENTHELICENSEE MUSTPROVIDETHISNOTICETOTHE CONSUMER:
All real estate licensees must present this form to you at the first personal meeting with you to discuss a specific residential property. If there is no personal meeting between you and the licensee, this form must be presented electronically or through some other means before the licensee enters into a contract with a consumer. Residential property is defined as land with a building intended for use as a one to four-unit residential dwelling or the purchase or sale of land on which a building is intended to be constructed for use as a oneor two-unit residential dwelling. In the event this relationship changes an additional disclosure must be provided and completed at that time.
CONSUMER INFORMATION AND RESPONSIBILITY:
If you are a buyer or seller, you can engage a licensee to provide advice, assistance and representation to you as your agent. The licensee can represent you as the seller (Seller's Agent) or represent you as the buyer (Buyer's Agent) or can assist you as a Facilitator.
All real estate licensees, regardless of the working relationship with a consumer must, by law, present properties honestly and accurately, and disclose known material defects in the real estate.
The duties of a real estate licensee do not relieve consumers of the responsibility to protect their own interests. If you need advice for legal, tax, insurance or land survey matters it is your responsibility to consult a professional in those areas. Real estate licensees do not and cannot perform home, lead paint, or insect inspections, nor do they perform septic system, wetlands or environmental evaluations.
Do not assume that a real estate licensee works solely for you unless you have an agreement for that relationship.
For more detailed definitions and descriptions about real estate relationships, please see page 2 of this disclosure.
THE SELLER OR BUYER RECEIVING THIS DISCLOSURE IS HEREBY ADVISED THAT
THE REAL ESTATE
LICENSEE NAMED BELOW IS WORKING AS A:
Check one: Seller's agent Buyer's agent Facilitator
If seller’s or buyer’s agent is checked above, the licensee must complete the following section:
Check one: Non-Designated Agency
The real estate firm or business listed below and all other affiliated agents are also working as the agent of the
Seller Buyer
Designated Agency
Only the licensee named herein represents the Seller Buyer (designated seller agency or designated buyer agency). In this situation any other agents affiliated with the firm or business listed below do not represent you and may represent another party in your real estate transaction.
By signing below, I, the real estate licensee, acknowledge that this disclosure has been provided to the consumer named herein: Broker Salesperson
Signature of Licensee
Printed name of Licensee License # Today’s Date
Name Real Estate Brokerage Firm Brokerage Firm License # Buyer Seller
Signature of consumer
Signature of consumer
Printed name of consumer
Printed name of consumer
Date Buyer Seller
Check here if the consumer declines to sign this notice.
SELLER'S AGENT
A seller can engage the services of a real estate licensee to act as the seller’s agent in the sale of the seller’s property. This means that the real estate agent represents the seller, who is a client. The agent owes the seller client undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accounting. The agent must put the seller's interests first and attempt to negotiate price and terms acceptable to their seller client. The seller may authorize sub-agents to represent him/her in marketing its property to buyers, however the seller should be aware that wrongful action by the real estate agent or sub-agents may subject the seller to legal liability for those wrongful actions
BUYER'S AGENT
A buyer can engage the services of a real estate licensee to act as the buyer’s agent in the purchase of a property. This means that the real estate agent represents the buyer, who is a client. The agent owes the buyer client undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentialityand accounting. The agent must put the buyer's interests first and attempt to negotiate price and terms acceptable totheir buyer client. The buyer mayalso authorize sub-agents to representhim/her in purchasing property, however the buyer should be aware that wrongful action by the real estate agent or sub-agents may subject the buyer to legal liability for those wrongful actions.
(NON-AGENT) FACILITATOR
When a real estate licensee works as a facilitator that licensee assists the seller and/or buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. The facilitator and the broker with whom the facilitator is affiliated, owe the seller and buyer a duty to present all real property honestly and accurately by disclosing known material defects and owe a duty to account for funds. Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential. Should the seller and/or buyer expressly agree, a facilitator relationship can be changed to a seller or buyer client relationship with the written agreement of the person so represented
DESIGNATED SELLER'S AND BUYER'S AGENT
A real estate licensee can be designated by another real estate licensee (the appointing or designating agent) to represent a buyer or seller, provided the buyer or seller expressly agrees to such designation. The real estate licensee once so designated is then the agent for that buyer or seller who becomes the agent’s client. The designated agent owes the buyer client or seller client, undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentialityand accounting. The agent must put their client's interests first, and attempt to negotiate price and terms acceptable to their client. No other licensees affiliated with the same firm represent the client unless otherwise agreed upon by the client. In situations where the appointing agent designates another agent to represent the seller and an agent to represent the buyer in the same transaction, then the appointing agent becomes a dual agent. Consequently, a dual agent cannot fully satisfy the duties of loyalty, full disclosure, obedience to lawful instructions, which is required of a seller or buyer agent. Only your designated agent represents your interests. Written consent for designated agency must be provided before a potential transaction is identified, but in any event, no later than prior to the execution of a written agreement for purchase or sale of residential property. The consent must contain the information provided for in the regulations of the Massachusetts Board of Registration of Real Estate Brokers and Salespeople (Board). A sample consent to designated agency is available at the Board's website at www.mass.gov/dpl/re
DUAL AGENT
A real estate licensee may act as a dual agent representing both the seller and the buyer in a transaction but only with the express and informed written consent of both the seller and the buyer. A dual agent shall be neutral with regard to any conflicting interest of the seller and buyer. Consequently, a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions, which is required of a seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds. Written consent for dual agency must be provided before a potential transaction is identified, but in any event, no later than prior to the execution of a written agreement for purchase or sale of residential property. The consent must contain the information provided for in the regulations of the Massachusetts Board of Registration of Real Estate Brokers and Salespeople (Board). A sample consent to dual agency is available at the Board's website at www.mass.gov/dpl/re.
ExclusiveBuyerRepresentationAgreement
Buyer’sName:_________________________________________________(herein“Buyer”)
Broker:GibsonSotheby’sInternationalRealty(referredtoas“GibsonSIR”)
Buyer’sAgent:______________________________________________________
BettyGibsonAssociates,Incorporated,doingbusinessasGibsonSotheby’sInternationalRealty(referred toas“GibsonSIR”),theBuyer’sAgentandtheBuyer,inexchangeofmutualpromisesagreeasfollows:
1. PROPERTIES Buyer is retaining Gibson SIR to be the exclusive Broker representing the Buyer in the purchase of real property. The Buyer retains the sole and absolute right to determine if a property is acceptable.
2. TERM This Agreement shall be in effect from the date of signing through ________________________________________or to completion of the Acquisition of the property, if under agreement, whichever is later (the “Term”). The Buyer’s obligation to pay the compensation will continue for a 90-day period after the expiration of the Term of this Agreement for properties introduced and shown by the Buyer’s Agent during the Term.
3. GIBSON SIR AGREES TO:
● Prepare a wants/needs list for the Buyer.
● Use reasonable efforts to locate properties acceptable to the Buyer through the Multiple Listing Service (MLS) and off MLS.
● Work in the Buyer’s best interest and preserve the Buyer’s confidential information.
● Maintain regular communication with the Buyer throughout the term of the Agreement.
● Attend scheduled showings of properties.
● Provide professional advice and guidance to the Buyer.
● Refer the Buyer to professionals such as lenders, attorneys, home inspectors, etc.
● Assist the Buyer in determining the market value of properties of interest.
● Provide a Comparative Market Analysis for properties the Buyer is considering writing offers for, upon the Buyer’s request.
● Assist the Buyer in negotiating terms and conditions of the offer and home inspection issues, if applicable.
4. BUYER AGREES TO:
● Work exclusively with Gibson SIR during the Term and to conduct all real estate purchase negotiations through Gibson SIR and the Buyer’s Agent.
● Cooperate with Gibson SIR by providing necessary personal information to evaluate Buyer’s needs and qualifications.
● Notify any other broker that the Buyer is working with Gibson SIR under the terms of this Agreement.
● Within 7 days of the entering into this Agreement and/ or prior to the Offer to Purchase, the Buyer will provide the Buyer’s Agent a pre-approval from a lender if the Buyer is seeking financing or proof of funds
TheBuyerrepresentsthattheBuyerisnotworkingwithanyotherBuyer’sAgent/Brokerunderthe termsofanExclusiveBuyerRepresentationAgreement.
5. COMPENSATION
The Buyer herein acknowledges to being advised that broker commissions are not set by law and are fully negotiable
Prior to showing a property as a buyer representative, a real estate agent who is a REALTOR® must enter into a written agreement with the buyer defining how the real estate broker will be paid.
● The Buyer agrees to pay Gibson SIR compensation for representation in the amount of %of the gross purchase price of any property purchased during the Term of this Agreement.
● The Buyer’s obligation to pay the compensation will be at the time the Buyer purchases the property and takes title.
● No fee will be due under this Agreement if the Buyer does not purchase a property
● Gibson SIR may not accept Compensation or a fee in excess of the fee agreed in this Agreement.
● A seller or listing agent may offer to pay some, or all of the compensation due to a broker representing a buyer but is under no legal duty to do so.
● The Buyer may, at the Buyer’s option, either (1) seek to have the Compensation paid in whole or in part by the seller in the terms of the offer to purchase and/or (2) pay the Compensation in whole or in part directly to Gibson SIR at closing.
6. CONSENT TO DESIGNATED AGENCY
A designated agent is a real estate licensee who has been appointed by a broker or salesperson to represent a buyer as a “designated buyer’s agent” or to represent a seller as a “designated seller’s agent.” When a buyer or seller consents to designated agency only that designated agent represents the buyer or seller. Any other agents affiliated with BROKER may represent another party to the transaction and by consenting to designated agency the buyer or seller permits those agents to represent another party. Individuals who are designated agents owe fiduciary duties to their respective clients. You are further advised that: (a) the designated buyer’s agent will represent the BUYER and will owe the BUYER the duties of loyalty, full disclosure, confidentiality, to account for funds, reasonable care and obedience to lawful instruction; (b) all other licensees affiliated with the appointing BROKER will not represent the BUYER nor will they owe the other duties specified in paragraph (a) to that BUYER, and may potentially represent the seller; and (c) if designated agents affiliated with the same broker represent the seller and buyer in a transaction, the appointing broker shall be a dual agent and neutral as to any conflicting interests of the seller and buyer, but will continue to owe the seller and buyer the duties of confidentiality of material information and to account for funds. By signing this agreement, BUYER consents to designated agency.
I acknowledge and agree that ____________________________________[insert name of licensee & license #] is authorized to represent me as a Designated Agent. I hereby consent to designated agency If designated agency occurs in a transaction, a notice of designated agency will be given.
7. DISCLAIMER
Gibson SIR is being retained solely as a real estate broker and not as an attorney, lender, appraiser, surveyor, structural engineer, home inspector or other professional service provider. At the Buyer’s request, the Buyer’s Agent may refer the Buyer to such professionals. It is advised for the Buyer to contact Building Departments to inquire about potential open building permits and you are encouraged to speak with people in the Town or City Hall about other questions you may have about
thecommunity.TheBuyer’sAgentmayworkwithotherbuyersduringtheTermofthisAgreement andwilltreatallbuyerinformationasconfidential.
8. EQUALOPPORTUNITYThepartiesheretoagreetoabidebyallapplicablefair-housinglaws.
9. MODIFICATIONOFTHISAGREEMENTAnymodificationofthisAgreementmustbein writing,signedanddatedbyallparties.ThisAgreementconstitutestheentireagreementbetweenthe partiesandisacontractsubjecttoMassachusettslaw.Anyprioragreements,whetheroralorwritten, havebeenmergedandincorporatedintothisAgreement.
10. SELLER/LISTINGBROKERTREATMENTOFOFFERSBuyeracknowledgesbeing advisedthatMassachusettslawdoesnotrequiretheSellerorListingBrokertotreattheexistenceof offers,pricetermsorotherconditionsasconfidential.
11. DISPUTESIntheeventthatBuyerandtheGibsonSIRshall,foranyreason,beunabletoresolve adisputearisingfromanyofthetermsofthisAgreement,theneitherpartymaysubmitthematterto bindingarbitrationforthepurposeofresolvingthedispute.
12. OTHERPROVISIONS:____________________________________________________________
This Agreement constitutes a binding Massachusetts Contract. Buyer acknowledges GIBSON SIR’s advice to seek legal counsel relating to any provision of this Agreement if not understood and acknowledges receipt of (a) a copy of this Agreement, (b) a copy of the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure Form, and (c) a brochure entitled “Home Inspector Facts For Consumers.”
Buyer DateBrokerofRecord,LaurenceRideout
Buyer Date
BROKER/SALESPERSONACKNOWLEDGMENTOFDESIGNATEDAGENCY
Iacknowledgeandagreetorepresenttheabovenamedconsumerasadesignatedagentandmysignature belowsignifiesthatIunderstandthedutiesandresponsibilitiesofthatrelationship,andexplainedtothe consumerthatIamatheiragent,togetherwithanyotherlicenseesexpresslyappointedastheir designatedagent;andthattheappointingbrokermaybecomea"dualagent;"andthatnooneelse affiliatedwithmyfirmrepresentsthem.
SignatureofBroker/Salesperson
CONSENT TO DUAL AGENCY
To Be Used if the Buyer is agreeing to the Buyer’s Agent acting as a Dual Agent
Buyer understands and consents that the Broker may work as a Designated Seller’s Agent with a Seller client of the Broker and may therefore have to act as an individual Disclosed Dual Agent in a situation where they simultaneously represent the Buyer and Seller in the same transaction. Dual Agency is the result.
A real estate broker or salesperson may act as a dual agent who represents both prospective buyer and seller with their informed written consent. A dual agent is authorized to assist the buyer and seller in a transaction, but shall be neutral with regard to any conflicting interest of the buyer and seller. Consequently, a dual agent will not have the ability to satisfy fully the duties of loyalty, full disclosure, reasonable care and obedience to lawful instructions, but shall still owe the duty of confidentiality of material information and the duty to account for funds.
Buyers and sellers should understand that material information received from either client that is confidential may not be disclosed by a dual agent, except: (1) if disclosure is expressly authorized; (2) if such disclosure is required by law; (3) if such disclosure is intended to prevent illegal conduct; or (4) if such disclosure is necessary to prosecute a claim against a person represented or to defend a claim against the broker or salesperson. This duty of confidentiality shall continue after termination of the brokerage relationship.
I acknowledge and agree that [insert name of licensee & license #] is (are) authorized to represent both the buyer and Seller as a Dual Agent. I hereby consent to dual agency. In the event dual agency occurs, written notice to both the Seller and the Buyer.
BROKER/SALESPERSON ACKNOWLEDGMENT REGARDING DUAL AGENCY
I acknowledge and agree to represent the above named consumer as a dual agent and my signature below signifies that I understand the duties and responsibilities of that relationship, and explained to the consumer that I am a dual agent and therefore will assist the buyer and the seller in the transaction, but shall be neutral with regard to any conflicting interest of the buyer and seller. In the event dual agency occurs, that I or another agent affiliated with Gibson Sotheby’s International Realty represent the buyer and the seller in the same transaction, I shall give notice to the buyer in compliance with the applicable licensing law.
Broker/Salesperson