Paperwork for a FSBO will start with the Buy
Side Residential loop. You will need:
- Something to show
who is paying commission (commission agreement if seller, exclusive buyer broker
agreement if buyer)
- Make up an MLS#
for Dotloop. (IE FSBO123ELMStreet)
- Remember, you are
a transaction broker, unless otherwise disclosed in writing, so you will likely be a dual agent for
the buyer and the seller. Make sure
the proper paperwork is done, like lead paint and HOA, as applicable.
- If you have NO Relationship with one party or the other, you need the No Relationship disclosure
Additional Info and How to Find Forms:
FL - Commission Agreement (FR
CA-7
This form is designed to be between a brokerage firm and
either a seller or landlord (owner). The key terms are the name of a prospect,
a commission amount, and a deadline for the owner and prospect to sign a
contract or lease (180 days if left blank). There are a few additional details,
but this short one-page commission agreement is straightforward. It can be used
for both residential and commercial sales or leases any time an owner agrees to
compensate a brokerage company for procuring a prospect.
Compensation should not go into the additional terms because such
clauses may not be enforceable by the broker because the brokers are not
parties to the contract.
Dalton Wade always strongly recommends a written agreement of
compensation (commission agreement, listing agreement or buyer broker
agreement).
How to find the blank FL -
Commission Agreement (FR CA-7) in Dotloop:
- Go to your Initial Docs folder
- Click add document (to
the right of the folder name)
- Click templates
- Scroll the down the list of folders on the left to Common Addenda
- Click Common Addenda
- Scroll to form named: FL - Commission Agreement
(FR CA-7)
- Click the checkbox next to the form name
- Click copy
Exclusive Buyer Brokerage Agreement Transaction Broker (EBBA-6TB)
This form may be
used when a broker wishes to act as a buyer’s agent and be paid commission by
the buyer. It establishes an exclusive, transaction agency representation with
a buyer and provides for a retainer fee. This form is frequently used when the buyer is paying commission on a
FSBO.
How to find the blank Exclusive
Buyer Brokerage Agreement Transaction Broker (EBBA-6TB) in Dotloop:
1. Go to your Initial Docs Folder
2. Click add document (to
the right of the folder name)
3. Click templates
4. Scroll the down the list of folders on the left to Common
Addenda
5. Click Common Addenda
6. Scroll to form named: Exclusive
Buyer Brokerage Agreement Transaction Broker (EBBA-6TB)
7. Click the checkbox next to the form name
8. Click
copy
No Brokerage Relationship Disclosure
A
licensee may have no brokerage relationship with either or both parties. The
status must be disclosed and agreed before showing a property. A licensee
acting in this capacity must still:
·
Deal
honestly and fairly.
·
Disclose
all known facts that materially affect the property’s value if those facts are
not readily observable to the buyer.
·
Account
for all funds they receive.
How to find the blank No
Brokerage Relationship Disclosure in
Dotloop:
- Go to
your Initial Docs folder
- Click add document (to the right of the folder name)
- Click templates
- Scroll
the down the list of folders on the left to LIST RESIDENTIAL: INITAL DOCS or BUY: BASE PACKAGE (it
is in both folders)
- Scroll
to form named: No Brokerage Relationship Disclosure
- Click
the checkbox next to the form name
- Click
copy