New License Law MGL Chapter 112
Section 87AAA13/4
OR
How will this Affect the Seller and Buyer?
On July 1, 2005 New Agency Relationships, Disclosure and Consent regulations went into effect. The rules apply to the purchases or sale of land with a building intended for use as 1 to 4 residential dwellings or the construction for use as 1 or 2 residential dwellings. The consumer must be made aware verbally and in writing as to how a licensed real estate agent will represent the consumer. The three categories are Seller’s Agent, Buyer’s Agent and Facilitator. Types of Agency Representation are Seller, Buyer, Facilitator, Designated Seller & Buyer Agent and Dual Agent. Your first person to person contact with the agent you must complete the newly designed Massachusetts Mandatory Licensee-Consumer Relationship Disclosure Form. You must review, fill out the form as to how you want to be represented, and sign the form by both parties. This is not a Contract for Services, but a notification of a relationship between the consumer and real estate agent. If you want a contract for Services this will be a separate agreement. However, the disclosure form will be part of a service agreement. My company will be operating under the Dual Agent Relationship rules. We can represent Sellers and Buyers with the purchase of residential property as described in the new regulations. Each independent Brokerage Company must decide how their company will operate. So you may meet one company who will operate with the Dual Agency and you could find the next company operating under the Designated Agency relationship. The agency contract will be different depending on the relationship so you may want to review each type before making a decision. The Law is written to help clarify the misunderstanding with the Consumer. We hope you will take the time to learn as we have and please ask questions. We are here to assist you. Remember you heard it here first. So if you know anyone who is thinking of buying or selling a home, please let me know. We will provide them the same level of great customer service that you have come to expect. Steve Karlgren ABR
