Kansas Offer to Purchase Real Property with No Broker
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How to fill out Offer To Purchase Real Property With No Broker?
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FAQ
Yes, you can absolutely view a house for sale without a realtor. Many owners provide open house events or will allow private showings without an agent present. Make sure to do your research beforehand and bring your own list of questions to ask the seller.
Dual agency occurs when a buyer and seller let a single real estate agent (or two agents from the same brokerage) represent them in a transaction. Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.
Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable.
What is included in the contract?The names of the vendor and purchaser.The address of the property.The deposit amount and due date.The sale price.The date of the property settlement and whether there are any conditions.Whether the property is available as 'vacant possession' or 'subject to a lease'More items...
A Transaction Broker assists the parties with a real estate transaction without being an agent or advocate for the interests of any party to the transaction. MATTERS THAT CANNOT BE DISCLOSED.
The seller's agent represents the seller only, so the buyer may be either unrepresented or represented by another agent. The seller's agent is responsible for performing the following duties: promoting the interests of the seller with the utmost good faith, loyalty, and fidelity.
If a buyer client becomes interested in making an offer on SELLER'S property, then the BROKER would be in a position of representing both Buyer and Seller in that transaction. Such representation would constitute dual agency, which is illegal in Kansas.
The bottom line is: Real estate contracts must always be in writing in order to be enforceable. While laws may vary from state to state, most states have a Statute of Frauds that applies.
Which of the following is a Kansas transaction broker obligated to do? List a property at the price the seller dictates. Marissa, a buyer, asks you what she can do to prepare to buy. What should you tell her?
Sales of real estate fall under the Statute of Frauds, and so all contracts for the sale of a home must be in writing.
