Transfers of property to your spouse or common-law partner or to a trust for your spouse of common-law partner
Do Realtors have access to your financial information?
A real estate agent never needs to know your salary or your credit score and never needs to see your pay stubs, your tax returns, or your financial statements. Only your lender will ask you such questions and request financial documents.
A: When a real estate transaction involves a member related to the buyer or seller, it must be disclosed in writing. Your agent presented the information legally and correctly if her brother is the buyer.
The general rule is that if the real estate professional is related to the buyer or the seller of the property, he or she has to disclose the relationship in writing to all other parties to the purchase and sale agreement.
Can real estate agents sell to family?
Agents can represent a family member but they must disclose it upfront before an offer is placed. For Realtors®, this aspect is clearly specified in the Codes of Ethics. However, there are two things that any real estate agent should consider before accepting to represent a relative. First of all, is the lack of trust.
Why do realtors ask for bank statements?
This is common for those who want to finance their purchase partly with cash and the other half from a mortgage. A bank statement is usually acceptable as a means to prove this. … The amount of the offer on the home should at least be equal to the sum of the cash and mortgage approval.
Does my Realtor need to know my interest rate?
Your agent doesn’t need to know the particulars of your finances but should know, for example, that you are looking for a $300,000 home and can afford a loan between $240,000 and $260,000 at today’s interest rates. That level of detail lets the agent know that you are looking at homes in that price range.
What do Realtors have to disclose?
Most states require a seller to disclose issues such as structural problems, damp, insect infestation or fixtures and appliances that don’t work, even if it’s a common practice for buyers to get building inspection reports before making an offer.
How do you fire a REALTOR that is a friend?
Step 2: If they try to convince you to stay, hear them out. However, if you’ve made up your mind to terminate the relationship, stay firm yet polite. There’s no need to let emotions flare up, especially if your real estate agent is a friend or acquaintance of someone you know. Step 3: Ask to end the listing agreement.
What is immediate family in real estate?
(l) “Immediate Family” as used in the Code of Ethics includes, but is not limited to, the REALTOR® and the REALTOR®’s spouse and their siblings, parents, grandparents, children (by birth or adoption), grandchildren, and other descendants. (
What does it mean agent declares interest?
It could mean that an agent has declared an interest in buying a property they are meant to be listing. They need to declare interest to the owner so that they don’t breach their fiduciary duties.
Can agent represent buyer seller?
Dual agent – A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties’ express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.
What is a Section 47 disclosure?
Section 47 form for agents disclosing any relationship that the agent may have with people to whom the buyer or seller is referred for professional services. The purpose of this form is to deal with concerns about conflicts of interest. … The purpose of this form is to deal with concerns about conflicts of interest.