19 Somerset Pics Beverly MA

David Briley

978-219-4736

DavidBriley@OrtinsGroup.com

The Ortins Group is proud to share some progress photos of our latest project in North Beverly!

What is the Mandatory Disclosure Agreement?

Corey Jordan

 781-706-8294

 CoreyJordan@OrtinsGroup.com

Hey everyone, here's a short post on the Mandatory Disclosure form.

This form is different from an exclusive buyers agent contract. Some agencies will try to LOCK YOU IN to working with them through an exclusive buyers agent contract. At the Ortins Group all clients only sign the mandatory disclosure form.

There is no obligation to working with an agent by signing the mandatory disclosure form.  The mandatory disclosure form here in the pic below is a form that’s unique to the state of Massachusetts.  This disclosure, describes the relationships that exist through agency, a to a buyer and/or seller. This form is required to be presented to a client the 1^st time a specific property is discussed. 

The top of the page states that “This is not a contract,” like an exclusive buyer agreement, for example.  The signature on the bottom just documents for the agent’s brokerage and the state that the agent has disclosed his relationship with the potential clients.  The mandatory disclosure form is not a contract and it is clearly stated on the form.  Before the advent of this form, many clients were not fully aware of the different relationships that exist during a real estate transaction.  So this disclosure simply ensures the buyer and sellers best interest in understanding who works for them and who doesn’t. 

Here is a quick breakdown of the five different agent-consumer relationships:

Lets start with dual agency. This is the most rare form of representation. This means the agent is representing both buyer and seller in the same transaction. The agent should be neutral in regards to any conflicting interest of the seller and buyer. Agent must do their due diligence to satisfy both buyer and seller to the best of their ability. Both seller and buyer must agree in writing to use this representation.

Whenever an agent works to assist the buyer and seller to reach an agreement without representing either side in the transaction, this is non-agent facilitator.   While also pretty rare, the Ortins Group have done two of these recently!

When the buyer and seller have each have an agent from the same agency, this is called designated agency.  Each client assumes that only their agent works for them and understands that other agents in the office may br working on behalf of the other party in the transaction.  

The most common used agency is buyer’s agent and seller’s agent. This is when each agent works for only a buyer or only a seller in the same transaction and are from different brokerages. Complete fiduciary duty applies for each agent to their client on both sides of the transaction provided by agents. As above with designated agency, this type of agency assures that your agent works only for you during this transaction.

The disclosure ensures the client that their agent(s) provide the 6 traits of agency to their clients: obedience, loyalty, disclosure, confidentiality, accountability and reasonable care that they deserve.  

Thanks for reading!

Corey Jordan

The Ortins Group

781-706-8294

CoreyJordan@OrtinsGroup.com

22 Devon Ave, Beverly, MA CO and Smoke Detector Placement

David Briley

978-219-4736

DavidBriley@OrtinsGroup.com

Well, 22 Devon ave is ready to close in a few days and in preparation to sell, we're getting the property ready for a fire department inspection.