Real Estate Contract Basics: Everything You Need to Know

What contracts do you need your client to sign? This video will walk you through everything you need to know about contracts when you and your client are ready to do a deal.

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Are you a brand new real estate agent looking to learn the basics of real estate contracts? Look no further! In this video, we'll cover everything you need to know, including Agency Disclosure, RLA and RPA, and PRBS or Dual Agency Form. As a new agent, it's important to understand the legal requirements and responsibilities involved in real estate transactions.

As a new real estate agent, it's crucial to understand the concept of Agency Disclosure. This is the process of informing clients of the type of agency relationship they will have with you, as their agent. You must disclose if you're working as a seller's agent, a buyer's agent, or a dual agent, and explain the duties and obligations you owe to each party. Failure to provide agency disclosure can result in legal consequences, including the loss of your license.

The RLA is a legally binding contract between the seller and their listing agent that outlines the terms and conditions of the sale. As a new agent, it's crucial to ensure that the RLA accurately reflects the seller's wishes, and that all necessary disclosures are included. On the other hand, the RPA is a contract between the buyer and the seller that outlines the terms and conditions of the purchase. As an agent, it's your responsibility to ensure that the RPA includes all the necessary provisions and protects your client's interests.

The PRBS and Dual Agency contracts inform both parties of the potential conflicts of interest that may arise in a dual agency situation and provides an opportunity for them to give their informed consent to the arrangement. As an agent, you must explain the consequences of dual agency and ensure that both parties fully understand their rights and obligations under this type of agreement. By providing the PRBS or Dual Agency Form, you can protect yourself from potential legal issues and maintain the trust of both parties throughout the transaction.

Chapters:
00:00 - Intro
00:50 - Agency Disclosure
01:37 - RLA and RPA
02:54 - PRBS or Dual Agency Form
04:33 - When should clients sign disclosure forms?
05:30 - Know these types of listing agreements!

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