Real Estate Disclosure Document

 

Rule 790-X-3.13(1)
REAL ESTATE BROKERAGE SERVICES DISCLOSURE
Alabama law requires you, the consumer, to be informed about the types of services which real estate licensees may perform. The purpose of this disclosure is to give you a summary of these services.

A SINGLE AGENT is a licensee who represents only one party in a sale. This is, a single agent represents his or her client. The client may be either the seller or the buyer. A single agent must be completely loyal and faithful to the client.

A SUB-AGENT is another agent/ licensee who also represents only one party in a sale. A sub-agent helps the agent represent the same client. The client may be either the seller or the buyer. A sub-agent must also be completely loyal and faithful to the client.

A LIMITED CONSENSUAL DUAL AGENT is a licensee for both the buyer and the seller. This may only be done with the written, informed consent of all parties. This type of agent must also be loyal and faithful to the clients, except where the duties owed to the clients conflict with one another.

A CONTRACT BROKER assists one or more parties in a sale. A contract broker is not an agent and does not have the same obligations as an agent. The contract broker and licensee working with him or her perform the services set out in their contract.

Alabama Law imposes the following obligations on all real estate licensees to all parties, no matter their relationship.
1) To provide services honestly and in good faith;
2) To keep confidential any information gained in confidence unless disclosure is required by law or duty to a client, the information became public knowledge, or disclosure is authorized in writing.
3) To exercise reasonable care and skill.
4) Present all written offers promptly to the seller.
5) Answer your questions completely and accurately.

Further, even if you are working with a licensee who is not your agent, there are many things that the licensee may do to assist you, the consumer. Some examples are:
1) Provide information about properties;
2) Show properties;
3) Assist in making a written offer;
4) Provide information on financing;
5) You should choose the type of service that you want from a licensee and sign a brokerage service agreement. If you do not sign the agreement, by law, the licensee is working with you as a contract broker.

The licensee’s broker is required by law to have on file an office policy describing the company’s brokerage services. You should feel free to ask any questions you have.

The Alabama Real Estate Commission requires the real estate licensee to sign, date, and provide you a copy of this form. Your signature is not required by law or rule, but would be appreciated.

Name of Licensee: .
Signature________________________________ Date _______________________

Consumer Name
Signature________________________________ Date _______________________

NATURAL RESOURCES GROUP, INC. POLICY STATEMENT SUMMARY
The Real Estate Consumers Agency and Disclosure Act (RECAD) requires the qualifying broker to adopt and maintain an agency disclosure office policy which sets out the types of brokerage services which his or her company and licensee may offer or accept.
Natural Resources Group, Inc. has chosen to offer the following services: Single Agency, Limited Consensual Dual Agency, and Contract Brokerage, as defined in the Real Estate Brokerage Service Disclosure, a copy of which is a part of this brochure. The entire Natural Resources Group, Inc. Agency/ Brokerage Office Policy is available upon request.

BROKERAGE SERVICE AGREEMENT
I acknowledge that the services offered by Natural Resources Group, Inc. have been explained to me and request the following service as indicated below.
______ SINGLE AGENCY-SELLER
______ SINGLE AGENCY- BUYER
______ LIMITED CONSENSUAL DUAL AGENCY CONTRACTED BROKERAGE CONSUMER
DATE ________________________
______________________________________
CONSUMER