Agency Contracts (Sales) and Related Practices Laws Affecting Solicitation of Clients/Customers “Junk Fax” Laws/Rules: Restrict unsolicited faxes without recipient’s permission Exemption for existing business relationship Must contain a prominent “opt-out” on the cover sheet “CAN-SPAM Act”: Regulates SPAMMING by email Requires subject of the email to be accurately presented Email must contain the name and physical address of sender Must contain a prominent “opt-out” feature
Agency Contracts (Sales) and Related Practices Buyer Agency (continued) Exclusive Buyer Agency Agreement: Prospective buyer retains a broker as his/her exclusive agent Broker is the only real estate agent with whom the buyer can work in the purchase of a property as described in the agreement
Agency Contracts (Sales) and Related Practices Buyer Agency (continued) Procedures for Buyer’s Agents: Prepare, present, and negotiate the offer to purchase Assist the buyer with preparations for the closing: Inspections Coordination with the attorney Coordination with lender Final walk-through before closing Notification of the buyer of necessary certified funds Confirming the accuracy of the closing statement
Agency Contracts (Sales) and Related Practices Dual Agency (continued) Designated agency – A form of dual agency which may be authorized by checking that option on the Dual Agency Agreement One firm represents both buyer and seller One agent in the firm can be designated to represent the interest of only the seller Another agent can represent only the interest of the buyer The firm acts as the dual agent with each designated agent acting in the interest of his/her respective principal
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