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COMMON TYPES OF FORMS

In a real estate transaction, a number of real estate forms are required. The consumer should be aware of these forms in order to understand and protect his/her interests.

EXPLANATION OF FORMS

1. Listing Agreement – A contract between a seller of real property and a broker. The broker is employed to sell real estate on the owner’s terms within a given time, for which service the seller agrees to pay a commission.
2. Management Agreement – A contract between the owner of real property and a broker. The broker is employed to rent, exchange, or lease real estate on the owner’s terms within a given time, for which service the owner agrees to pay a fee.
3. Transaction Broker Agreement – A written agreement in which the broker does not represent either the seller/landlord or the buyer/tenant in a fiduciary capacity.
4. Buyer/Tenant Agreement – A contract between the client and broker. The broker is employed to seek a particular type of real property, within a certain geographic area, during a given time, for which service the buyer/tenant agrees on the amount and method of compensation to be paid.
5. Real Estate Relationships Disclosure – A form that specifically sets forth agency and brokerage relationships. At the first substantive contact with a seller or buyer who has not entered into a written agreement with a broker, the licensee discloses in writing to that person the types of agency and brokerage relationships available. The licensee also provides a written copy of the disclosure to the seller or buyer.
6. Seller’s Property Condition Disclosure – This form describes the condition of residential real property as known by the seller. Sellers of residential real property are required to furnish a completed copy of this form to a buyer before the buyer makes a written offer.
7. Lead Paint Disclosure – This form is required to comply with the sale or lease of any pre-1978 residential dwellings. This was enacted into law by Congress to disclose lead paint hazards.
8. Purchase Agreement – A contract for the purchase and sale of real property in which the buyer agrees to purchase for a certain price and the seller agrees to convey title. To be enforceable, it must be in writing and signed by both parties.
9. Closing Statement –A statement of receipts and disbursements in a real estate property transaction. The listing broker furnishes a closing statement to the seller. The selling broker furnishes a closing statement to the buyer.
10. Lease Agreement – A contract by which one (the lessor or landlord) gives to another (the lessee or tenant) temporary possession and use of real property for reward and the lessee agrees to return such property to the lessor at a future time. A one-year or longer lease requires a written lease agreement.

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