Handling the purchase or sale of an agent-owned home or property.
Selling your own home, here are some things to be aware of:
- Must disclose seller is an agent in advertising and offers
- NAR - written licensee disclosure prior to contract
- Only represent yourself - No Dual Agency
- Transactions through Key only
- Limitations on "no commissions" Policy
State License law sometimes requires that any licensee who is marketing his own property must be identified in the advertisement by name and must indicate that the property is owned by the licensee. Examples of proper identification are “Tom Smith, Agent/Owner” or “Mary Jones, Broker/Owner.” This must be done in all forms of marketing, including yard signs, websites, print ads, etc.
Article Four of the NAR Code of Ethics requires written licensee disclosure. Such disclosure must be made prior to entering into a contract. This is typically done in the purchase contract or lease, but it could be included in a separate document or e-mail.
And finally, remember…if you are a party to a transaction, you can only represent yourself — you can’t claim to also represent the other party to the transaction or act as a dual agent.
Policy Procedures & Fees
ALL transactions must be handled through Key Realty.
Please refer to the Key Agent Policy Manual section 6.1.3 regarding Commission Policy for personal residences.
NOTE: A listing agent may never waive the co-broke under any circumstances.