If you’ve spoken to a Real Estate Agent or Realtor for any length of time, they’ve probably mentioned a Consumer’s Notice. If you’ve discussed the ins and outs of buying and selling a property, they’ve hopefully made you sign one.
In our office, we have one taped up by the phone so we can read the disclosure over the phone if you call in and want to discuss details.
The Pennsylvania Real Estate code says the following:
§ 35.336. Disclosure summary for the purchase or sale of residential or commercial real estate or for the lease of residential or commercial real estate when the licensee is working on behalf of the tenant.
(a) Licensees shall provide the consumer with the Consumer Notice at their initial interview.
(b) Licensees shall retain a copy of the signed/refused acknowledgement for 6 months and provide the consumer a copy of the entire disclosure summary.
(c) The Disclosure Summary must be entitled ‘‘Consumer Notice’’ and must be in the following format available from the Commission office upon request by phone, fax or internet:
To give a very brief summary: The Consumer Notice covers the 4 different kinds of agencies that a Real Estate Agent can provide to a client; Sellers’ Agent, Buyers’ Agent, Dual Agent, or Designated Agent. An agent can also work as just a Transaction Licensee – this basically means we just do the paperwork for a property sale and we don’t represent either side, however we’re still limited to what we can disclose.
It also covers the various duties that the agent owes to the consumer, zoning, and the Real Estate Recovery Fund.
It mentions that many terms in a contract are negotiable and should be discussed before any contracts are signed between an Agent and a potential client.
Remember, the Consumer Notice is not a contract – it’s only a disclosure so that you are an informed consumer.
Take a look at the document below and please ask us any questions you have!