Pennsylvania Consumer Notice for Real Estate
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The Pennsylvania Consumer Notice for Real Estate EXPLAINED…
The first piece of paperwork you should encounter when looking to buy or sell a home, The Pennsylvania Consumer Notice for Real Estate.
The Consumer Notice explains what a PA Real Estate Agent does and the different ways agents can represent consumers (Listing Agent, Buyer Agent, Dual-Agent, etc.). Agents are required to provide the consumer with the Consumer Notice at their initial interview.
If you have spoken with an agent regarding selling your home (or buying), you should have received a copy of this notice, if not, you should probably look for another agent.
If you are selling the home on your own, you’ll still need to familiarize yourself with this form, because chances are the buyer will have an agent and they will have to provide you with the Consumer Notice the first time you speak so that you know they represent only the buyer at that point and you are on your own unrepresented.
You can then:
1. Hire the Buyer’s Agent to represent you as well (making them a Dual-Agent – I do not recommend…I do not believe an agent can truly represent either side to the fullest when in a Dual-Agency situation – others might disagree, but that’s what I think),
2. Hire your own agent or attorney to represent you, or
3. Remain unrepresented and represent yourself (probably what you will choose since you decided to sell by owner).
REMEMBER, if there is only one agent involved in the sale of a property, then either one of the parties is not represented at all, or the agent represents both parties, in either case, it might be a good idea for both parties to have their own agent representing just them to have someone looking out for and negotiating on behalf of only them.