Under the Oregon Disclosure Act, the parties must decide whether Broker A represents both the FSBO and the purchaser, or only the buyer alone, when a list of a party is concluded with Mr. and Mrs. Seller. This is an important consideration for most brokers, as it is much more difficult and risky to represent sellers and buyers in the same transaction. Second, does a list agreement have to be written? Under the provisions of the Real Estate Licensing Act, only a broker can act as a broker to list, sell or lease another person`s real estate, and in most states, list agreements must be written. I didn`t know the term One Party Listing. So if I wanted to make this list of a party, the seller will sign a list contract, and how long will the list last only for a day? Can you be more specific, please? Thank you for your help. For the above reason, some buyer brokers avoid a party`s list agreements and prefer instead enter into a “compensation agreement” with FSBO sellers for payment of a commission when the buyer buys the house. No list contract is signed with the seller and the written compensation agreement makes it clear that the broker represents the buyer exclusively. Broker A`s primary legal responsibilities are therefore attributable to the buyer and not to the seller.
Nevertheless, Broker A still has two important positive obligations for the FSBO seller: (a) to act honestly and in good faith; and (b) to disclose essential facts known to the buyer`s broker that are not obvious or easily identifiable by the seller. [See ORS 696.810 (2.] You should check with your broker for procedure if there is one in your @Randi Biba state. Here it is from the date, before the offer is displayed by concluding that the list contract is signed, which can also apply to an FSBO as you could see a buyer. I`ve been asked to do this too – I give them my pros and cons list, including the fact that they can probably sell at a higher price if the possibility of a given bidder war. Otherwise, they get everything they want, including a “list” without haste. Some opt for non-precipitation and others give take a long weekend to give me the 3 days to bring them several offers.