Property Description:
Listing Company: Duane Hill or Christine Hill aka Alaska Auction Co - Broker: Prudential Jack White/Vista Real Estate
Seller(s): .
Listing Agent: .
Buyer(s): .
Buyer’s Agent: .
1. Agreement to Consensual Dual Agency Representation:
The Seller and Buyer acknowledge and agree that Listing Company and the Listing and Buyer’s agents (collective called “Agents”) are undertaking a Consensual Dual Agency Representation in the sale of the above property. Seller and Buyer have previously been informed of the possibility of a dual agency arising if a buyer client becomes interested in a seller clients’ property.
By signature hereunder, Seller and Buyer acknowledge their consent to Consensual Dual Agents and waive any claims they may have arising from this relationship.
2. Description of Agent’s Role:
Because Agents are acting as agent for both Seller and Buyer in this transaction, Agents shall make every reasonable effort to remain impartial to Seller and Buyer. Seller and Buyer acknowledge that, prior to the time this Agreement was entered into, Agents acted as the exclusive agent of the Seller and as the exclusive agent of Buyer. In those separate rolls, Agents may have obtained information which, if disclosed, could harm the bargaining position of the principal who provided the information to Agents. Seller and Buyer agree that Agents shall not be liable to either party for refusing or failing to disclose information, which in the sole discretion of Agents might harm one party’s bargaining position to the benefit of the other party. Nothing contained herein shall relieve Agents from obligation to disclose all known material defects in the property to a prospective buyer.
Agents agree not to disclose:
a. TO BUYER: information about what price Seller will accept other than the Listing Price,
or
b. TO SELLER: information about what price Buyer will pay other than any written offered price.
In the event that seller and Buyer do not enter into a agreement for the purchase and sale of the Seller’s property to Buyer, or in the event that the conveyance provided for in a purchase and sale agreement between Seller and Buyer does not close by the Closing Date set forth in said agreement, Agents may terminate its dual agency role and this Agreement by mailing written notice thereof to Seller and Buyer.
3. Description of Seller’s and Buyer’s Role:
Because of Agent’s dual agency relationship, Seller and Buyer understand that they have the responsibility of making their own decision as to what terms are to be included in any purchase and sale agreement between them. Seller and Buyer also acknowledge that they are aware of the limitations of Agent’s dual agency role, and that they have determined that the benefits of entering into a transaction between them with Agents acting as agent for them both outweighs these limitations. Seller and Buyer may wish to seek independent legal counsel in order to assist with any matter relating to a purchase and sale agreement or to the transaction, which is subject matter of a purchase and sale agreement. Seller and Buyer shall have a duty to protect their own interests and should read this Agreement and any purchase and sale agreement carefully to insure that it accurately sets forth the terms, which they want included in said agreement.
4. What Agents can do when acting as Consensual Dual Agents:
a. Treat Seller and Buyer fairly and honestly.
b. Provide helpful information about the property and neighborhood to the Buyer.
c. Respond accurately to questions about the property.
d. Disclose all known material defects regarding the property as required by state law.
e. Disclose financial qualifications of the Buyer to the Seller.
f. Explain real estate terms and procedures.
g. Help the Buyer to arrange for property inspections.
h. Explain closing costs and procedure.
i. Help the Buyer compare financing alternatives.
j. Provide information about comparable properties so the Seller and Buyer may make an educated decision on what price to accept or offer.
k. Assist with preparing the standard Earnest Money Receipt and Agreement to Purchase.
l. Work diligently to facilitate the sale and advise when experts should be retained (lawyer, tax accountant, engineer, etc.).
m. Disclose to Buyer and Seller who will pay the Agent’s brokerage fee.
5. What agents cannot do when acting as Consensual Dual Agents:
a. Disclose confidential information that we may know about the Seller and/or Buyer (e.g. motivation to sell/buy, price/terms, negotiation strategy) without written permission of the Seller and/or Buyer.
b. Disclose the price the Seller will take other than the listing price without written permission of the Seller.
c. Disclose the price the Buyer is willing to pay without written permission of the Buyer.
d. Recommend or suggest a price the Buyer would offer or pay for the property.
e. Recommend or suggest a price the Seller would accept or offer as a counter offer.
6. If this Agreement contradicts or conflicts with earlier documents in any way, the provision of this Consensual Dual Agency Agreement shall control.
7. As used in this document, the term “Agents” includes all licensees employed by or associated with Listing Company, including licensees or branch offices if any.
By signature below, Buyer and Seller approve and agree that Agents may act as consensual dual agents in this transaction.
This is a legally binding Consensual Dual Agency Agreement that may ultimately restrict your legal rights or remedies. You are advised to seek competent legal advice with regard to this Agreement and with regard to all documents to be executed in relation to this transaction.
Dated at _______________________, Alaska this ___________ day of __________________________.
. .
Seller Buyer
. .
Seller Buyer
. .
Seller Buyer
By: .
Broker
By: . By: .
Listing Agent Buyer’s Agent
The Buyer’s Agent whose signature appears above acknowledges that Buyer has signed this Agreement before signing any written offer to purchase the property. The Listing Agent whose signature appears above acknowledges that Seller has signed this Agreement before reviewing any written offer from Buyer.