But as you begin talking to real estate agents about buying or selling, you will be STOPPED and presented the “The Consumer Notice.” This is not a contract, but an affirmation that you, the consumer, have been advised of your choices and it must be presented by any licensed PA Real Estate Professional before they can have any discussion with you regarding your needs and motivations for seeking real estate services.
Since it was first required by law in 1999, the Consumer Notice has educated real estate consumers of the various business relationships that exist in a real estate transaction.
- Seller Agent: the licensee works only for the seller/landlord
- Buyer Agent: the licensee works only for buyer/tenant
- Dual Agent: the licensee works for both seller/landlord or buyer/tenant
- Designated Agent: the broker may designate one or more licensees from the agency to represent the consumer. This occurs, for example, when your real estate agent and the other party’s real estate agent work for the same company or office.
- Transaction licensee: Licensee performs real estate services without having any relationship to the consumer. This would apply, for example, it you were selling your home to a good friend at a mutually agreed upon price and simply needed someone to complete the paperwork.
Because this person represents the seller, you would want to be careful what information you disclose to that agent during what may seem like casual conversation. If you end up pursuing a purchase of that home, you may be sorry you disclosed certain information.
A copy of the Pennsylvania “Consumer Notice” is available at any real estate brokerage office, from any licensee or if attending an open house. To obtain a copy of the “Consumer Notice” or to gain more information about agency relationships in Pennsylvania, feel free to contact us at 717-364-3000.
For further information about real estate laws and consumer education in the Commonwealth of Pennsylvania, visit the Pennsylvania Association of Realtors.
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