First things first, when walking into an Open House think before you speak! If the agent hosting the Open House is representing the seller anything you say can be passed on to the seller. It is important not to share any personal information including motivation, financials and your real estate needs. The real estate agent is happy and able to tell you factual information about the property.
If you do mention your motivation, financials or your real estate needs that will automatically put you and the agent in “implied agency” and the real estate agent will have to present you with a Disclosure of Representation in Trading Services Form. It is important to know that this form is not a contract but an acknowledgment of the relationship between the agent and the client. This acknowledgment does not end after the transaction is complete or you both decide to go your separate ways, it continues on.
Here is a Disclosure of Representation in Trading Services Form for you to review.
Explanation of Disclosure of Representation in Trading Services Video: Click Here
When entering an Open House without your Realtor you will either be greeted by the agent representing the seller or by an agent hosting the Open House, the forms below will help you understand the situations in more detail.
Open House - Real estate agent representing the seller (listing agent)
Open House – Real estate agent NOT representing the seller
If you have any questions please feel free to contact me.