New Law of Agency Pamphlet

Thanks to a new section regarding short sale transactions there is a new ‘Law of Real Estate Agency’ pamphlet.

SECTION 12:  SHORT SALE

When the seller of owner-occupied residential real property enters into a listing agreement with a real estate licensee where the proceeds from the sale may be insufficient to cover the costs at closing, it is the responsibility of the real estate licensee to disclose to the seller in writing that the decision by any beneficiary or mortgagee, or its assignees, to release its interest in the real property, for less than the amount the borrower owes, does not automatically relieve the seller of the obligation to pay any debt or costs remaining at closing, including fees such as the real estate licensee’s commission.

The Law of Real Estate Agency Pamphlet 2012