Real Estate Disclosures

Each of the listing properties marked sold on this website were listed by Stephen FitzMaurice, some older listings were sold while Stephen was affiliated with a different realty firm. Some properties were sold by agents shown on the Stephen FitzMaurice Team roster page (available in the main menu to view) as co-agents or buyer’s agents. Some sales listed may have occurred by team members that are no longer part of the team, but who were at the time of sale.

OREGON REAL ESTATE INITIAL AGENCY DISCLOSURE PAMPHLET
OAR 863-015-215 (4)

This pamphlet describes the legal obligations of real estate licensees in Oregon. Real estate brokers and principal real estate brokers are required to provide this information to you when they first meet you. This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and a broker or a principal broker.
Real Estate Agency Relationships
An “agency” relationship is a voluntary legal relationship in which a licensed real estate broker or principal broker (the “agent”), agrees to act on behalf of a buyer or a seller (the “client”) in a real estate transaction.
Oregon law provides for three types of agency relationships between real estate agents and their clients:
Seller’s Agent -Represents the seller only; Buyer’s Agent -Represents the buyer only; Disclosed Limited Agent -Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of both clients.
The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent.
Definition of “Confidential Information”
Generally, licensees must maintain confidential information about their clients. “Confidential information” is information communicated to a real estate licensee or the licensee’s agent by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential information” does not mean information that:
The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the seller, or the seller instructs the licensee or the licensee’s agent to disclose about the seller to the buyer; and
The licensee or the licensee’s agent knows or should know failure to disclose would constitute fraudulent representation.

Duties and Responsibilities of Seller’s Agent
Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow the agent to also represent the buyer. An agent who represents only the seller owes the following affirmative duties to the seller, the other parties and the other parties’ agents involved in a real estate transaction:
1 To deal honestly and in good faith;
2 To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
3 To disclose material facts known by the agent and not apparent or readily ascertainable to a party;

A seller’s agent owes the seller the following affirmative duties;
1 To exercise reasonable care and diligence;
2 To account in a timely manner for money and property received from or on behalf of the seller;
3 To be loyal to the seller by not taking action that is adverse or detrimental to the seller’s interest in a transaction;
4 To disclose in a timely manner to the seller any conflict of interest, existing or contemplated;
5 To advise the seller to seek expert advice on matters related to the transactions that are beyond the agent’s expertise;
6 To maintain confidential information from or about the seller except under subpoena or court order, even after termination of the agency relationship; and
7 Unless agreed otherwise in writing, to make a continuous, good faith effort to find a buyer for the property, except that a seller’s agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale.

None of the above affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived by written agreement between seller and agent.
Under Oregon law, a seller’s agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller.
Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law.

Duties and Responsibilities of Buyer’s Agent
An agent, other than the seller’s agent, may agree to act as the buyer’s agent only. The buyer’s agent is not representing the seller, even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller’s agent. An agent who represents only the buyer owes the following affirmative duties to the buyer, the other parties and the other parties’ agents involved in a real estate transaction:
1 To deal honestly and in good faith;
2 To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
3 To disclose material facts known by the agent and not apparent or readily ascertainable to a party.

A buyer’s agent owes the buyer the following affirmative duties:
1 To exercise reasonable care and diligence;
2 To account in a timely manner for money and property received from or on behalf of the buyer;
3 To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction;
4 To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated;
5 To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise;
6 To maintain confidential information from or about the buyer except under subpoena or court order, even after termination of the agency relationship; and
7 Unless agreed otherwise in writing, to make a continuous, good faith effort to find property for the buyer, except that a buyer’s agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase.

None of these affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived by written agreement between buyer and agent.

Under Oregon law, a buyer’s agent may show properties in which the buyer is interested to other prospective buyers without breaching an affirmative duty to the buyer.
Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law.
Duties and Responsibilities of an Agent Who Represents More than One Client in a Transaction
One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property, only under a written “Disclosed Limited Agency Agreement” signed by the seller and buyer(s).
Disclosed Limited Agents have the following duties to their clients:

1. To the seller, the duties listed above for a seller’s agent; and

2. To the buyer, the duties listed above for a buyer’s agent;

3. To both buyer and seller, except with express written permission of the respective person, the duty not to disclose to the other person:
That the seller will accept a price lower or terms less favorable than the listing price or terms;
That the buyer will pay a price greater or terms more favorable than the offering price or terms; or
Confidential information as defined above.

Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise.
When different agents associated with the same principal broker (a real estate licensee who supervises other agents) establish agency relationships with different parties to the same transaction, only the principal broker will act as a Disclosed Limited Agent for both buyer and seller. The other agents continue to represent only the party with whom the agents have already established an agency relationship unless all parties agree otherwise in writing. The principal real estate broker and the real estate licensees representing either seller or buyer shall owe the following duties to the seller and buyer:
1 To disclose a conflict of interest in writing to all parties;
2 To take no action that is adverse or detrimental to either party’s interest in the transaction; and
3 To obey the lawful instruction of both parties.

No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation.
You are encouraged to discuss the above information with the licensee delivering this pamphlet to you. If you intend for that licensee, or any other Oregon real estate licensee, to represent you as a Seller’s Agent, Buyer’s Agent, or Disclosed Limited Agent, you should have a specific discussion with the agent about the nature and scope of the agency relationship. Whether you are a buyer or seller, you cannot make a licensee your agent without the licensee’s knowledge and consent, and an agent cannot make you their client without your knowledge and consent.

This form has been licensed for use solely by Stephen Fitzmaurice pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
Provided by Oregon Real Estate Forms, LLC 2013 www.orefonline.com OREF 042 May not be reproduced without express permission of Oregon Real Estate Forms, LLC

The Law of Real Estate Agency Disclosure (Washington Version)

This pamphlet describes your legal rights in dealing with a real estate firm or broker. Please read it carefully before signing any documents.
The following is only a brief summary of the attached law.
Definitions. Defines the specific terms used in the law.
Relationships between Brokers and the Public. Prescribes that a broker who works with a buyer or tenant represents that buyer or tenant – unless the broker is the listing agent, a seller’s subagent, a dual agent, the seller personally or the parties agree otherwise. Also prescribes that in a transaction involving two different brokers licensed to the same real estate firm, the firm’s designated broker and any managing broker responsible for the supervision of both brokers, are dual agents and each broker solely represents his or her client – unless the parties agree in writing that both brokers are dual agents.
Duties of a Broker Generally. Prescribes the duties that are owed by all brokers, regardless of who the broker represents. Requires disclosure of the broker’s agency relationship in a specific transaction.
Duties of a Seller’s Agent. Prescribes the additional duties of a broker representing the seller or landlord only.
Duties of a Buyer’s Agent. Prescribes the additional duties of a broker representing the buyer or tenant only.
Duties of a Dual Agent. Prescribes the additional duties of a broker representing both parties in the same transaction, and requires the written consent of both parties to the broker acting as a dual agent.
Duration of Agency Relationship. Describes when an agency relationship begins and ends.
Provides that the duties of accounting and confidentiality continue after the termination of an agency relationship.
Compensation. Allows real estate firms to share compensation with cooperating real estate firms. States that payment of compensation does not necessarily establish an agency relationship.
Allows brokers to receive compensation from more than one party in a transaction with the parties’ consent.
Vicarious Liability. Eliminates the liability of a party for the conduct of the party’s agent or subagent, unless the principal participated in or benefited from the conduct or the agent or
subagent is insolvent. Also limits the liability of a broker for the conduct of a subagent.
Imputed Knowledge and Notice. Eliminates the common law rule that notice to or knowledge of an agent constitutes notice to or knowledge of the principal.
Interpretation. This law establishes statutory duties which replace common law fiduciary duties owed by an agent to a principal.
Short Sale. Prescribes an additional duty of a firm representing the seller of owner-occupied real property in a short sale.
SECTION 1:
DEFINITIONS.
Unless the context clearly requires otherwise, the
definitions in this section apply throughout this chapter.
(1) “Agency relationship” means the agency
relationship created under this chapter or by written
agreement between a real estate firm and a buyer
and/or seller relating to the performance of real
estate brokerage services.
(2) “Agent” means a broker who has entered into
an agency relationship with a buyer or seller.
(3) “Broker” means broker, managing broker, and
designated broker, collectively, as defined in chapter
18.85 RCW, unless the context requires the terms to
be considered separately.
(4) “Business opportunity” means and includes a
business, business opportunity, and goodwill of
an existing business, or any one or combination
thereof when the transaction or business includes
an interest in real property.
(5) “Buyer” means an actual or prospective
purchaser in a real estate transaction, or an actual
or prospective tenant in a real estate rental or lease
transaction, as applicable.
(6) “Buyer’s agent” means a broker who has entered
into an agency relationship with only the buyer in
a real estate transaction, and includes sub-agents
engaged by a buyer’s agent.
(7) “Confidential information” means information from
or concerning a principal of a broker that:
(a) Was acquired by the broker during the course
of an agency relationship with the principal;
(b) The principal reasonably expects to be kept
confidential;
(c) The principal has not disclosed or authorized
to be disclosed to third parties;
(d) Would, if disclosed, operate to the detriment
of the principal; and
(e) The principal personally would not be
obligated to disclose to the other party.
(8) “Dual agent” means a broker who has entered
into an agency relationship with both the buyer and
seller in the same transaction.
(9) “Material fact” means information that
substantially adversely affects the value of the
property or a party’s ability to perform its obligations
in a real estate transaction, or operates to materially
impair or defeat the purpose of the transaction.
The fact or suspicion that the property, or any
neighboring property, is or was the site of a murder,
suicide or other death, rape or other sex crime,
assault or other violent crime, robbery or burglary,
illegal drug activity, gang-related activity, political
or religious activity, or other act, occurrence, or use
not adversely affecting the physical condition of or
title to the property is not a material fact.
(10) “Owner-occupied real property” means real
property consisting solely of a single-family
residence, a residential condominium unit, or a
residential cooperative unit that is the principal
residence of the borrower.
(11) “Principal” means a buyer or a seller who has
entered into an agency relationship with a broker.
(12) “Real estate brokerage services” means the
rendering of services for which a real estate license
is required under chapter 18.85 RCW.
(13) “Real estate firm” or “firm” have the same
meaning as defined in chapter 18.85 RCW.
(14) “Real estate transaction” or “transaction” means
an actual or prospective transaction involving a
purchase, sale, option, or exchange of any interest in
real property or a business opportunity, or a lease or
rental of real property. For purposes of this chapter, a
prospective transaction does not exist until a written
offer has been signed by at least one of the parties.
(15)“Seller” means an actual or prospective seller in a
real estate transaction, or an actual or prospective
landlord in a real estate rental or lease transaction, as
applicable.
(16)“Seller’s agent” means a broker who has entered
into an agency relationship with only the seller in a
real estate transaction, and includes subagents
engaged by a seller’s agent.
(17) “Subagent” means a broker who is engaged to
act on behalf of a principal by the principal’s agent
where the principal has authorized the broker in
writing to appoint subagents.
SECTION 2:
RELATIONSHIPS BETWEEN BROKERS
AND THE PUBLIC.
(1) A broker who performs real estate brokerage
services for a buyer is a buyer’s agent unless the:
(a) Broker’s firm has appointed the broker to
represent the seller pursuant to a written agency
agreement between the firm and the seller, in
which case the broker is a seller’s agent;
(b) Broker has entered into a subagency
agreement with the seller’s agent’s firm, in
which case the broker is a seller’s agent;
(c) Broker’s firm has appointed the broker to
represent the seller pursuant to a written agency
agreement between the firm and the seller,
and the broker’s firm has appointed the broker
to represent the buyer pursuant to a written
agency agreement between the firm and the
buyer, in which case the broker is a dual agent;
(d) Broker is the seller or one of the sellers; or
(e) Parties agree otherwise in writing after the
broker has complied with RCW 18.86.030(1)(f).
(2) In a transaction in which different brokers
affiliated with the same firm represent different
parties, the firm’s designated broker and any
managing broker responsible for the supervision of
both brokers, is a dual agent, and must obtain the
written consent of both parties as required under
RCW 18.86.060. In such case, each of the brokers
shall solely represent the party with whom the
broker has an agency relationship, unless all parties
agree in writing that the broker is a dual agent.
(3) A broker may work with a party in separate
transactions pursuant to different relationships,
including, but not limited to, representing a party
in one transaction and at the same time not
representing that party in a different transaction
involving that party, if the broker complies with this
chapter in establishing the relationships for each
transaction.
SECTION 3:
DUTIES OF A BROKER GENERALLY.
(1) Regardless of whether a broker is an agent,
the broker owes to all parties to whom the broker
renders real estate brokerage services the following
duties, which may not be waived:
(a) To exercise reasonable skill and care;
(b) To deal honestly and in good faith;
(c) To present all written offers, written notices and
other written communications to and from either
party in a timely manner, regardless of whether
the property is subject to an existing contract for
sale or the buyer is already a party to an existing
contract to purchase;
(d) To disclose all existing material facts known
by the broker and not apparent or readily
ascertainable to a party; provided that this
subsection shall not be construed to imply any
duty to investigate matters that the broker has
not agreed to investigate;
(e) To account in a timely manner for all money
and property received from or on behalf of
either party;
(f) To provide a pamphlet on the law of real
estate agency in the form prescribed in
RCW 18.86.120 to all parties to whom the broker
renders real estate brokerage services, before
the party signs an agency agreement with the
broker, signs an offer in a real estate transaction
handled by the broker, consents to dual agency,
or waives any rights, under RCW 18.86.020(1)(e),
18.86.040(1)(e), 18.86.050(1)(e), or 18.86.060(2)
(e) or (f), whichever occurs earliest; and
(g) To disclose in writing to all parties to whom
the broker renders real estate brokerage services,
before the party signs an offer in a real estate
transaction handled by the broker, whether
the broker represents the buyer, the seller, both
parties, or neither party. The disclosure shall be
set forth in a separate paragraph entitled “Agency
Disclosure” in the agreement between the buyer
and seller or in a separate writing entitled “Agency
Disclosure.”
(2) Unless otherwise agreed, a broker owes no
duty to conduct an independent inspection of the
property or to conduct an independent investigation
of either party’s financial condition, and owes
no duty to independently verify the accuracy or
completeness of any statement made by either
party or by any source reasonably believed by the
broker to be reliable.
SECTION 4:
DUTIES OF A SELLER’S AGENT.
(1) Unless additional duties are agreed to in writing
signed by a seller’s agent, the duties of a seller’s
agent are limited to those set forth in RCW 18.86.030
and the following, which may not be waived except
as expressly set forth in (e) of this subsection:
(a) To be loyal to the seller by taking no action
that is adverse or detrimental to the seller’s
interest in a transaction;
(b) To timely disclose to the seller any conflicts
of interest;
(c) To advise the seller to seek expert advice
on matters relating to the transaction that are
beyond the agent’s expertise;
(d) Not to disclose any confidential information
from or about the seller, except under subpoena
or court order, even after termination of the
agency relationship; and
(e) Unless otherwise agreed to in writing
after the seller’s agent has complied with
RCW 18.86.030(1)(f), to make a good faith
and continuous effort to find a buyer for the
property; except that a seller’s agent is not
obligated to seek additional offers to purchase
the property while the property is subject to an
existing contract for sale.
(2) (a) The showing of properties not owned by
the seller to prospective buyers or the listing
of competing properties for sale by a seller’s
agent does not in and of itself breach the duty
of loyalty to the seller or create a conflict of
interest.
(b) The representation of more than one seller
by different brokers affiliated with the same firm
in competing transactions involving the same
buyer does not in and of itself breach the duty
of loyalty to the sellers or create a conflict of
interest.
SECTION 5:
DUTIES OF A BUYER’S AGENT.
(1) Unless additional duties are agreed to in writing
signed by a buyer’s agent, the duties of a buyer’s
agent are limited to those set forth in RCW 18.86.030
and the following, which may not be waived except
as expressly set forth in (e) of this subsection:
(a) To be loyal to the buyer by taking no action
that is adverse or detrimental to the buyer’s
interest in a transaction;
(b) To timely disclose to the buyer any conflicts
of interest;
(c) To advise the buyer to seek expert advice
on matters relating to the transaction that are
beyond the agent’s expertise;
(d) Not to disclose any confidential information
from or about the buyer, except under subpoena
or court order, even after termination of the
agency relationship; and
(e) Unless otherwise agreed to in writing after
the buyer’s agent has complied with RCW
18.86.030(1)(f), to make a good faith and
continuous effort to find a property for the buyer;
except that a buyer’s agent is not obligated to:
(i) seek additional properties to purchase
while the buyer is a party to an existing
contract to purchase; or
(ii) show properties as to which there is no
written agreement to pay compensation to
the buyer’s agent.
(2) (a) The showing of property in which a buyer is
interested to other prospective buyers by a
buyer’s agent does not in and of itself breach
the duty of loyalty to the buyer or create a
conflict of interest.
(b) The representation of more than one buyer
by different brokers affiliated with the same firm
in competing transactions involving the same
property does not in and of itself breach the
duty of loyalty to the buyer or create a conflict
of interest.
SECTION 6:
DUTIES OF A DUAL AGENT.
(1) Notwithstanding any other provision of this
chapter, a licensee may act as a dual agent only
with the written consent of both parties to the
transaction after the dual agent has complied with
RCW 18.86.030(1)(f), which consent must include a
statement of the terms of compensation.
(2) Unless additional duties are agreed to in writing
signed by a dual agent, the duties of a dual agent
are limited to those set forth in RCW 18.86.030 and
the following, which may not be waived except as
expressly set forth in (e) and (f) of this subsection:
(a) To take no action that is adverse or detrimental
to either party’s interest in a transaction;
(b) To timely disclose to both parties any
conflicts of interest;
(c) To advise both parties to seek expert advice
on matters relating to the transaction that are
beyond the dual agent’s expertise;
(d) Not to disclose any confidential
information from or about either party, except
under subpoena or court order, even after
termination of the agency relationship;
(e) Unless otherwise agreed to in writing after the
dual agent has complied with RCW 18.86.030(1)
(f), to make a good faith and continuous effort to
find a buyer for the property; except that a dual
agent is not obligated to seek additional offers
to purchase the property while the property is
subject to an existing contract for sale; and
(f) Unless otherwise agreed to in writing after the
dual agent has complied with RCW 18.86.030(1)
(f), to make a good faith and continuous effort
to find a property for the buyer; except that a
dual agent is not obligated to:
(i) seek additional properties to purchase
while the buyer is a party to an existing
contract to purchase; or
(ii) show properties as to which there is no
written agreement to pay compensation to
the dual agent.
(3) (a) The showing of properties not owned
by the seller to prospective buyers or the listing
of competing properties for sale by a dual agent
does not in and of itself constitute action that is
adverse or detrimental to the seller or create a
conflict of interest.
(b) The representation of more than one seller
by different brokers licensed to the same firm
in competing transactions involving the same
buyer does not in and of itself constitute action
that is adverse or detrimental to the sellers or
create a conflict of interest.
(4) (a) The showing of property in which a buyer is
interested to other prospective buyers or the
presentation of additional offers to purchase
property while the property is subject to a
transaction by a dual agent does not in and of itself
constitute action that is adverse or detrimental to
the buyer or create a conflict of interest.
(b) The representation of more than one
buyer by different brokers licensed to the
same firm in competing transactions involving the
same property does not in and of itself
constitute action that is adverse or detrimental
to the buyer or create a conflict of interest.
SECTION 7:
DURATION OF AGENCY
RELATIONSHIP.
(1) The agency relationships set forth in this chapter
commence at the time that the broker undertakes to
provide real estate brokerage services to a principal
and continue until the earliest of the following:
(a) Completion of performance by the broker;
(b) Expiration of the term agreed upon by the
parties;
(c) Termination of the relationship by mutual
agreement of the parties; or
(d) Termination of the relationship by notice
from either party to the other. However, such
a termination does not affect the contractual
rights of either party.
(2) Except as otherwise agreed to in writing, a
broker owes no further duty after termination of the
agency relationship, other than the duties of:
(a) Accounting for all moneys and property
received during the relationship; and
(b) Not disclosing confidential information.
SECTION 8:
COMPENSATION.
(1) In any real estate transaction, a firm’s
compensation may be paid by the seller, the buyer,
a third party, or by sharing the compensation
between firms.
(2) An agreement to pay or payment of compensation
does not establish an agency relationship between
the party who paid the compensation and the broker.
(3) A seller may agree that a seller’s agent’s firm
may share with another firm the compensation paid
by the seller.
(4) A buyer may agree that a buyer’s agent’s firm
may share with another firm the compensation paid
by the buyer.
(5) A firm may be compensated by more than one
party for real estate brokerage services in a real estate
transaction, if those parties consent in writing at or
before the time of signing an offer in the transaction.
(6) A firm may receive compensation based on the
purchase price without breaching any duty to the
buyer or seller.
(7) Nothing contained in this chapter negates the
requirement that an agreement authorizing or
employing a broker to sell or purchase real estate
for compensation or a commission be in writing
and signed by the seller or buyer.
SECTION 9:
VICARIOUS LIABILITY.
(1) A principal is not liable for an act, error, or
omission by an agent or subagent of the principal
arising out of an agency relationship:
(a) Unless the principal participated in or
authorized the act, error, or omission; or
(b) Except to the extent that:
(i) the principal benefited from the act, error,
or omission; and
(ii) the court determines that it is highly
probable that the claimant would be unable
to enforce a judgment against the agent or
subagent.
(2) A broker is not liable for an act, error, or omission
of a subagent under this chapter, unless that broker
participated in or authorized the act, error or
omission. This subsection does not limit the liability
of a firm for an act, error, or omission by a broker
licensed to the firm.
SECTION 10:
IMPUTED KNOWLEDGE AND
NOTICE.
(1) Unless otherwise agreed to in writing, a principal
does not have knowledge or notice of any facts
known by an agent or subagent of the principal that
are not actually known by the principal.
(2) Unless otherwise agreed to in writing, a broker
does not have knowledge or notice of any facts
known by a subagent that are not actually known
by the broker. This subsection does not limit the
knowledge imputed to the designated broker or any
managing broker responsible for the supervision of
the broker of any facts known by the broker.
SECTION 11:
INTERPRETATION
The duties under this chapter are statutory duties
and not fiduciary duties. This chapter supersedes
the fiduciary duties of an agent to a principal under
the common law. The common law continues
to apply to the parties in all other respects. This
chapter does not affect the duties of a broker
while engaging in the authorized or unauthorized
practice of law as determined by the courts of this
state. This chapter shall be construed broadly.
SECTION 12:
SHORT SALE.
When the seller of owner-occupied residential real
property enters into a listing agreement with a real
estate firm where the proceeds from the sale may
be insufficient to cover the costs at closing, it is the
responsibility of the real estate firm 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 firm’s commission.
© Copyright 2013
Northwest Multiple Listing Service
Revised July 2013
RCW 18.86.120
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