FSBO [For Sale by Owner] Transactions
FSBO [For Sale by Owner] Transactions
Working with a FSBO [For Sale by Owner] can be wrought with problems if not done correctly.
- Consult with Contract Support Manager or Compliance Manager.
- See if you can execute a RLA [Listing Agreement] with the Seller at a reduced commission [need Team Leader approval].
- If you get the listing, then you will be working as a “dual” agent throughout the transaction representing both the Seller & Buyer.
- If Seller is not willing to “list” with you, then use the following 3 forms.
- Execute a SNA [Seller No-Agency Agreement – available in Zip Forms] which specifies that Selling Agent can not and will not perform any “agent” duties for Seller.
- Execute a CA [Commission Agreement – available in Zip Forms] to confirm the commission that Seller is willing to pay Selling Agent for bringing in a Buyer.
- Use the KW FSBO Letter [see link below] which specifies that Selling Agent may ask Seller to provide certain statutory & other disclosures, but will not advise Seller in any way. Seller to seek legal counsel if any questions.