What is a Consumer Notice and Why should you care?
The initial interview is the first contact where a substantive discussion about real estate occurs.
Simply meeting a buyer to show him/her a property or working an open house does not necessarily mean that the buyer must work with the agent.
The agent does not “own” the buyer, and is not obligated to represent him in a client-agent relationship. Real estate law requires all agents to provide a document called Consumer Notice upon the first contact. Please note that it is mandatory for the agent to represent this at first initial contact for you to decide the level of the service and presentation. In case the first contact happens via phone or e-mail before the initial face-to-face meeting occurs then the agent has to disclose Consumer Notice verbally.
Ideally, you should read and understand your rights before furthering your relationship with the agent since any information you provide is considered confidential if/until you decide to form an agency relationship. This notice intends to educate you so that you may make an informed decision about the level of service you expect.
Upon complete reading this document you will understand different kinds of agency relationships and what your agent owes you and what you should expect when discussing contractual terms with your broker/ agent.
Please see how this notice looks like:
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Please note that disclosure is not required for the sale or lease of the commercial
property concerning corporations or other business entities.
