Brokerage Duties Disclosure to Seller - REO And Non-CREC Listing {BDD56}

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (BDD56-10-05) (Mandatory 1-06) DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE LANDLORD AGENCY, TENANT AGENCY, BUYER AGENCY, SELLER AGENCY OR TRANSACTION-BROKERAGE. BROKERAGE DUTIES DISCLOSURE TO SELLER (REO and Non-CREC Approved Listing Agreements) SELLER AGENCY TRANSACTION-BROKERAGE Date: This Brokerage Duties Disclosure to Seller (Disclosure) is made in conjunction with a listing agreement dated , between Brokerage Firm and Seller (Listing Agreement). This Disclosure supplements the Listing Agreement. 1. BROKER AND BROKERAGE FIRM. a. Multiple-Person Firm. If this box is checked, the individual designated by Brokerage Firm to perform the services for Seller required by the Listing Agreement is called Broker. If more than one individual is so designated, then references in this Disclosure and the Listing Agreement to Broker shall include all persons so designated, including substitute or additional brokers. The brokerage relationship exists only with Broker and does not extend to the employing broker, Brokerage Firm or to any other brokers employed or engaged by Brokerage Firm who are not so designated. b. One-Person Firm. If this box is checked, Broker is a real estate brokerage firm with only one licensed natural person. References in this Disclosure to Broker or Brokerage Firm mean both the licensed natural person and brokerage firm who serve as the broker of Seller and perform the services for Seller required by the Listing Agreement. 2. DEFINED TERMS. a. b. Seller: Brokerage Firm: c. Broker: shall act for or assist Seller when performing activities in the capacity as shown by the box checked at the top of this page 1. 3. BROKERAGE SERVICES AND DUTIES. Brokerage Firm, acting through Broker, shall provide brokerage services to Seller. Broker, acting as either a Transaction-Broker or a Seller's Agent, shall perform the following Uniform Duties when working with Seller: BDD56-10-05 BROKERAGE DUTIES DISCLOSURE TO SELLER Page 1 of 4 American LegalNet, Inc. www.FormsWorkflow.com 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 a. Broker shall exercise reasonable skill and care for Seller, including, but not limited to the following: (1) Performing the terms of any written or oral agreement with Seller; (2) Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for sale; (3) Disclosing to Seller adverse material facts actually known by Broker; (4) Advising Seller regarding the transaction and to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker; (5) Accounting in a timely manner for all money and property received; and (6) Keeping Seller fully informed regarding the transaction. b. of Seller: Broker shall not disclose the following information without the informed consent (1) (2) (3) (4) (5) That Seller is willing to accept less than the asking price for the Property; What the motivating factors are for Seller to sell the Property; That Seller will agree to financing terms other than those offered; Any material information about Seller unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property. c. Seller consents to Broker's disclosure of Seller's confidential information to the supervising broker or designee for the purpose of proper supervision, provided such supervising broker or designee shall not further disclose such information without consent of Seller, or use such information to the detriment of Seller. d. Brokerage Firm may have agreements with other sellers to market and sell their property. Broker may show alternative properties not owned by Seller to other prospective buyers and list competing properties for sale. e. Broker shall not be obligated to seek additional offers to purchase the Property while the Property is subject to a contract for sale. f. Broker has no duty to conduct an independent inspection of the Property for the benefit of a buyer and has no duty to independently verify the accuracy or completeness of statements made by Seller or independent inspectors. Broker has no duty to conduct an independent investigation of a buyer's financial condition or to verify the accuracy or completeness of any statement made by a buyer. g. Seller shall not be liable for the acts of Broker unless such acts are approved, directed or ratified by Seller. 4. ADDITIONAL DUTIES OF SELLER'S AGENT. If the Seller Agency box at the top of page 1 is checked, Broker is a limited agent of Seller (Seller's Agent), with the following additional duties: a. Promoting the interests of Seller with the utmost good faith, loyalty and fidelity. BDD56-10-05 BROKERAGE DUTIES DISCLOSURE TO SELLER Page 2 of 4 American LegalNet, Inc. www.FormsWorkflow.com 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 b. Seeking a price and terms that are acceptable to Seller. c. Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker. 5. BROKERAGE RELATIONSHIP. a. If the Seller Agency box at the top of page 1 is checked, Broker shall represent Seller as a Seller's Agent. If the Transaction-Brokerage box at the top of page 1 is checked, Broker shall act as a Transaction-Broker. b. In-Company Transaction ­ Different Brokers. When Seller and buyer in a transaction are working with different brokers, those brokers continue to conduct themselves consistent with the brokerage relationships they have established. Seller acknowledges that Brokerage Firm is allowed to offer and pay compensation to brokers within Brokerage Firm working with a buyer. c. In-Company Transaction ­ One Broker. If Seller and buyer are both working with the same broker, Broker shall function as: (1) SELLER'S AGENT. If the Seller Agency box at the top