Disclosure To Seller Or Buyer
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1OKLAHOMA REAL ESTATE COMMISSION
DISCLOSURE TO SELLER OR BUYER OF BROKERAGE DUTIES, RESPONSIBILITIES AND SERVICES
This notice may be part of or attached to any of the following:
□
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Buyer Brokerage Agreement
Listing Brokerage Agreement
Option Agreement
□
□
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Sales Agreement
Exchange Agreement
Other _______________________
1.
Duties and Responsibilities. A Broker who provides Brokerage Services to one or both parties shall describe and disclose
in writing the Broker’s duties and responsibilities prior to the party or parties signing a contract to sell, purchase, option, or exchange
real estate.
A Broker shall have the following duties and responsibilities which are mandatory and may not be abrogated or waived by a
Broker, whether working with one party, or working with both parties:
A.
treat all parties to the transaction with honesty and exercise reasonable skill and care;
B.
unless specifically waived in writing by a party to the transaction:
1)
receive all written offer and counteroffers;
2)
reduce offers or counteroffers to a written form upon request of any party to a transaction; and
3)
present timely all written offers and counteroffers.
C.
inform, in writing, the party for whom the Broker is providing Brokerage Services when an offer is made that the party will be
expected to pay certain closing costs, Brokerage Service costs and the approximate amount of the costs;
D.
keep the party for whom the Broker is providing Brokerage Services informed regarding the transaction;
E.
timely account for all money and property received by the Broker;
F.
keep confidential information received from a party or prospective party confidential. The confidential information
shall not be disclosed by a Broker without the consent of the party disclosing the information unless consent to the
disclosure is granted in writing by the party or prospective party disclosing the information, the disclosure is required
by law, or the information is made public or becomes public as the result of actions from a source other than the
Broker. The following information shall be considered confidential and shall be the only information considered
confidential in a transaction:
1)
that a party or prospective party is willing to pay more or accept less than what is being offered,
2)
that a party or prospective party is willing to agree to financing terms that are different from those offered,
3)
the motivating factors of the party or prospective party purchasing, selling, optioning or exchanging the
property, and
4)
information specifically designated as confidential by a party unless such information is public.
G.
disclose information pertaining to the Property as required by Residential Property Condition Disclosure Act;
H.
comply with all requirements of the Oklahoma Real Estate Code and all applicable statutes and rules;
I.
when working with one party or both parties to a transaction, the duties and responsibilities set forth in this
section shall remain in place for both parties.
2.
Brokerage Services provided to both parties to the transaction. The Oklahoma broker relationships law (Title 59, Oklahoma
Statutes, Section 858-351 – 858-363) allows a real estate Firm to provide brokerage services to both parties to the transaction. This
could occur when a Firm has contracted with a Seller to sell their property and a prospective Buyer contacts that same Firm to see the
property. If the prospective Buyer wants to make an offer on the property, the Firm must now provide a written notice to both the Buyer
and Seller that the Firm is now providing brokerage services to both parties to the transaction. The law states that there are mandatory
duties and responsibilities that must be performed by the broker for each party.
3.
Broker providing fewer services. If a Broker intends to provide fewer Brokerage Services than those required to complete a
transaction, the Broker shall provide written disclosure to the party for whom the Broker is providing services. The disclosure shall
include a description of those steps in the transaction that the Broker will not provide and state that the Broker assisting the other
party in the transaction is not required to provide assistance with these steps in any manner.
4.
Confirmation of disclosure of duties and responsibilities. The duties and responsibilities disclosed by the Broker shall be
confirmed in writing by each party in a separate provision, incorporated in or attached to the contract to purchase, option or
exchange real estate.
I u
nderstand and acknowledge that I have received this notice on _________ day of ____________________, 20______.
(Print Name) _____________________________
(Signature) ___________________________________________
(Print Name) _____________________________
(Signature) ___________________________________________
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission
OREC DISCLOSURE TO SELLER OR BUYER OF DUTIES AND RESPONSIBILITIES (11-2013)
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