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This is for informational
purposes only!
IT'S THE LAW... (PA)
After November 25, 1999, real estate sales/leasing professionals
(licensees) in Pennsylvania will be required to disclose to consumers of real estate who
they represent the following...
This new "Agency" disclosure notice helps consumers by
clarifying up front and in writing who works for whom in a real estate transaction and
letting consumers know what options are available. Pennsylvania joins 47 other states in
clarifying agency relationships between consumers and real estate practitioners.
The new law is beneficial in that it requires clear and timely disclosure
in the form of a written notice that a consumer is to receive at the initial contact. This
notice will enable buyers, sellers, lessors and lessees to make informed decisions.
Under the new law, all licensed real estate sales/leasing professionals
(licensees) may serve consumers in the following relationships:
Seller Agency - in this relationship, the licensee
works only for the seller, owing the seller client loyalty, confidentiality and a good
faith effort to find a buyer of the property.
Buyer Agency - in this relationship, the licensee works
only for the buyer, owning the buyer client loyalty, confidentiality and a good faith
effort to find a property for the buyer.
Dual Agency - in this relationship, the licensee acts
as the agent for both the seller and the buyer in the same transaction, with the consent
of all parties. Real estate companies have buyer and seller clients; it is not always
possible to predict when a buyer client will choose to buy a property from a seller
client. While this may put the agent in the middle, it does assure that sellers have the
greatest exposure for their properties and that buyers can make selections from the entire
market. A dual agent must provide services fairly without promoting either party's
interests over the other.
Designated Agency - created for the in-house
transaction where both buyer and seller are represented by individual agents in the same
company. It allows the agent selected by the buyer to continue representing the buyer's
interest while the agent selected by the seller continues to represent the seller's
interests. This allows the consumers to retain services they sought when choosing real
estate agents to advocate for them.
Transaction licensee - in this relationship, the
licensee provides communication or document preparation services, or similar real estate
related services without being an agent or advocate for either the seller or the buyer. A
transaction licensee could not disclose the fact that the seller will accept a price less
than the asking price, or any other information deemed confidential by the consumer.
IF YOU ARE A CONSUMER SEEKING REAL ESTATE SERVICES, WHAT DOES THIS
MEAN TO YOU? FIRST, YOU CAN EXPECT TO SIGN THE CONSUMER NOTICE FORM, WHICH OUTLINES YOUR
OPTIONS FOR REPRESENTATION. IN REQUESTING THE SIGNED FORM, LICENSED REAL ESTATE
PROFESSIONALS ARE DOING THEIR JOB AND FULFILLING THE REQUIREMENTS OF THE LAW. EVEN IF YOU
ARE ATTENDING OPEN HOUSES, YOU WILL BE ASKED TO SIGN THE FORM.
THE FORM IS NOT A CONTRACT AND DOES NOT COMMIT THE CONSUMER TO ANY
RELATIONSHIP. ONCE YOU SELECT THE RELATIONSHIP YOU NEED OR DESIRE, YOU WILL SIGN ANOTHER
FORM INDICATING YOUR PERMISSION FOR SUCH A RELATIONSHIP AND THE DUTIES OWED TO YOU.
Consumers can direct questions to their real estate agent. More
information is also available on PAR's Web Site: www.parealtor.org
The Pennsylvania Association of REALTORS® (PAR) supported the
Agency Disclosure Bill, which passed unanimously in both the Pennsylvania House and Senate
before becoming a law. PAR is a 26,000-member professional association serving the
Pennsylvania real estate industry. Members of the REALTOR® organization at the local,
state and national levels are privileged to use the REALTOR® designation, which
distinguishes them from non-member brokers and salespersons and indicates that they
subscribe to a strict Code of Ethics.
CLICK HERE FOR THE
CONSUMER NOTICE THAT WILL BE REQUIRED TO SIGN WHEN BUYING, SELLING,
RENTING OR LEASING.
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WARNING! |
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HVCC & YOU! On May 1, 2009
the HVCC was initiated throughout the Country on every
mortgage transaction that involves an appraisal that is
sold to Fannie Mae and Freddie Mac. This involves all
conventional loans which prior to the present meltdown
was approximately 70% of all lending. With the banking
system crippled, conventional loans seized up and nearly
came to a halt. Presently, the conventional mortgage
market is still trying to get back on its feet albeit
very slowly and cautiously. Then there is the HVCC.
The HVCC came about due to pressure put on an appraisal
management company called eAppraiseIT by a large
mortgage lender Washington Mutual in the State of New
York. The Attorney General of New York created the HVCC.
To stay out of litigation (even though not directly
involved), the appellant in the case (The State of New
York) arranged to have Fannie Mae (FNMA) sign an
agreement that all loans placed through FNMA & Freddie
Mac would have to adhere to this new HVCC.
“We knew this was causing extreme hardship to the
industry, but we didn’t expect to get thousands of
horror stories from would-be homebuyers whose dreams
have been dashed by this well-intended, but misguided
policy. Every day thousands of people are getting the
rug yanked out from under them in their quest to become
homeowners because of HVCC. You only need to go to our
petition website to read the stories for yourself,” said
Kearns.
READ
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We
still accept appraisal orders via fax,
phone call and through the Order
Appraisal link on our website.
CLICK HERE! |
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