DISCLOSURE OF RELATIONSHIPS IN MONTANA REAL ESTATE TRANSACTIONS

SELLER'S BROKER - a broker or salesperson who, pursuant to a written listing or employment agreement, acts as the representative of a seller and may include an in-house seller's broker designate.

 Your seller broker is obligated to you as follows:

1)    to act solely in the best interests of the seller to the exclusion of all other interests, including those of the seller broker;

2)    to obey promptly and efficiently all lawful instructions of the seller;

3)    to disclose to the seller all relevant and material information that concerns the real estate transaction and that is known by the seller broker and not known by the seller, unless the information is subject to confidentiality arising from a prior or existing broker's relationship;

4)    to safeguard the seller's confidences;

5)    to exercise reasonable skill, care and diligence in pursuing the seller's objectives as established in the listing agreement;

6)    to fully account to the seller for all funds or property of the seller coming into the seller broker's possession;

7)    to comply with all applicable federal and state laws, rules and regulations;

8)    to carry out the terms of the listing agreement.

A seller broker is obligated to a buyer as follows:

1)    to disclose to a buyer any adverse material facts that concern the property and that are known to the seller broker,

2)    to deal in good faith with the buyer;

3)    to comply with all applicable federal and state laws, rules and regulations.

 

BUYER'S BROKER - a broker or salesperson who, pursuant to a written buyer broker agreement, is acting as the representative of the buyer in a real estate transaction and may include an in-house buyer's broker designate.

 

Your buyer broker is obligated to you as follows:

1)    to act solely in the best interest of the buyer to the exclusion of all other interests, including those of the buyer broker;

2)    to obey promptly and efficiently all lawful instructions of the buyer;

3)    to disclose to the buyer all relevant and material information that concerns the real estate transaction and that is known by the buyer broker and not known by the buyer, unless the information is subject to confidentiality arising from a prior or existing brokers relationship;

4)    to safeguard the buyer's confidences;

5)    to exercise reasonable skill, care and diligence in pursuing the buyer's objectives as established in the buyer/broker agreement;

6)    to fully account to the buyer for all funds or property of the buyer coming into the buyer broker's possession;

7)    to comply with all applicable federal and state laws, rules and regulations;

8)    to carry out the terms of the buyer broker agreement.

A buyer broker is obligated to a seller as follows:

1)    to disclose to a seller any adverse material facts that concern the ability of the buyer to perform on any purchase offer and that are known to the buyer broker;

2)    to deal in good faith with the seller;

3)    to comply with all applicable federal and state laws, rules and regulations.

 

DUAL BROKER - A broker or salesperson who, pursuant to a written listing or employment agreement and a buyer's broker agreement, acts as the representative of both the buyer and seller with written authorization of the seller and buyer.

 

A dual broker is obligated to the buyer and seller as follows:

1)    to act solely in the best interests of the buyer and seller to the exclusion of all other interests, including the dual broker's;

2)    to obey promptly and efficiently all lawful instructions of the buyer and seller;

3)    to disclose to the buyer and seller all relevant and material information that concerns the real estate transaction and that is known by the dual broker and not known by the buyer and seller, unless the information is subject to confidentiality arising from a prior or existing broker's relationship:

4)    to exercise reasonable skill, care and diligence in pursuing the buyer's and seller's objectives as established in the listing agreement and buyer broker agreement;

5)    to fully account to the buyer and seller for all funds or property of the buyer and seller coming into the dual broker's possession;

6)    to comply with all applicable federal and state laws, rules and regulations;

7)    to carry out the terms of the buyer broker and listing agreement;

8)    to safeguard the buyer's and seller's confidences, subject to the obligation to disclose to a buyer or a seller any adverse material facts that are known to the dual broker, regardless of any confidentiality considerations.  The following may not be disclosed without written consent of the party to whom the information is confidential:

a) that the buyer is willing to pay more than the buyer has offered for the property

b) that the seller is willing to accept less than the asking price for the property

c) factors motivating the buyer to buy or the seller to sell

d) any other information that a party specifically indicates in writing to the dual broker is to be kept confidential and adverse material fact.

 

       STATUTORY BROKER - a broker or salesperson who assists one or more parties to a real estate transaction without acting as a representative of any party to the real estate transaction.  A broker or salesperson is presumed to be acting as a statutory broker unless the broker or salesperson has entered into a listing or employment agreement with a seller or a buyer broker agreement with a buyer.

 

A statutory broker is obligated to the parties as follows:

1)     to disclose to a buyer any adverse material fact that concerns the property and that is known to the statutory broker and not known to the buyer.  However, the statutory broker is not required to conduct an independent inspection of the property or to verify any representation made by the seller;

2)     to disclose to the seller any adverse material fact that concerns the buyers intent or ability to perform on the purchase offer and that is known to the statutory broker and not known to the seller;

3)    to exercise reasonable skill, care and diligence in facilitating the purchase and sale of the property;

4)    to comply with all applicable federal and state laws, rules and regulations.

 

"ADVERSE MATERIAL FACT" means a fact that should be recognized by a broker as being of enough significance as to affect a person's decision to enter into a contract to buy or sell real property.  It may be a fact that materially affects the value or structural integrity or presents a documented health risk to occupants of the property, but may not include the fact that an occupant of the property has or has had a communicable disease or that the property was the site of a suicide or felony, or it may be a fact that materially affects the buyers ability or intent to perform the buyers obligations under a proposed or existing contract. 


E-Mail: Gregg Schoh, Broker, ABR, GRI, CCIM, ALC

Montana Land Company

PO Box 709, Lakeside, MT 59922

(406) 250-1111