So you have decided to move.  Either you are selling your home, or maybe you have decided it is time to buy that first starter home.  You contact a real estate agency, and set up an appointment.  While getting in the car you say to yourself repeatedly, "I'm just asking question, gathering the information, no commitments yet.  I am not going to sign anything."  You arrive at the real estate office, are greeted by an the agent, and sit down, and the first thing that happens is a form is put infront of you, that the agent says you need to sign.  Your excitement falls, this wasn't the plan, and now your just looking for the door.  I just wanted to talk to somebody about moving you think to yourself.

Honestly, I get it! I am just like you.  I hate feeling like I am pushed into signing something, and I will try to avoid it.

So let me take a few minutes and explain this form that was put in-front of you.

The form is called the Consumer Notice, it has the PA State Seal on it, and states "THIS IS NOT A CONTRACT."  However, by PA real estate law, it is my obligation as an agent to show you this form at our first meeting.

What does it say?

Essentially, it gives you a written description of a real estate agents responsibilities/duties.  It also breaks down the five types of relationships you can enter into in real estate (four different agency types, and one transaction relationship).

First, Seller Agency: In this agency the agent represents the seller exclusively, acts in the seller's best interest, and must keep seller's information confidential. But the seller agent must reveal know defects with property.

Second, Buyer Agency:  In this agency the agent represents the buyer exclusively, acts in the buyer's best interest, and must keep buyer's information confidential.

Third, Dual Agency:  In this agency, the agent represents the seller and buyer.  In order to do this an agent must have the written permission of both parties, and may not take an action that is detrimental to either party.

Fourth, Designated Agency:  This happens in a situation where the broker is representing both the buyer and seller, but two separate agents are designated to exclusively represent the two parties. An example:  I am licensed with Berkshire Hathaway Homesale, so if I am representing you as a buyer, and we look at a home listed by a Berkshire Hathaway Homesale agent.  I am your designated agent as the buyer, and the listing agent is designated to represent the seller.

Fifth, Transaction Licensee: You do not have a representative or an agent in this case, a transaction licensee essentially is a real estate professional who makes certain the paperwork is in order.  They do not assist in negotiation.  They are still required to reveal known defects in a property.

That's it.  On the second page, just above the signature the Consumer Notice states, "I acknowledge that I received this disclosure."

Here is what signing the Consumer Notice DOES NOT do:

• You are not obligated to pay anything by signing the form.
• You are not obligated to sell your home.
• You are not obligated to buy a home.
• You are not obligated to use the signing agent as your agent.
• You are not obligated to use the agency that agent works with.

Hopefully this has helped to understand the Consumer Notice.  As a Licensed PA Real Estate Agent I am obligated to give you this form at our first meeting.