These documents are precursors to engaging in a contract offer either with the aid of a real estate agent or independently. You must be careful that the language in these documents protects your rights and does not obligate you into a performance guarantee of any kind. Many real estate firms require their listing and buying clients to grant exclusive representation for a pre-determined period of time. This can work against you if the person responsible for your needs is not representing you properly. Oyster Realty believes customers should never have to provide the performance guarantees – that’s why our listing agreements allow you to leave for any reason and at any time, no questions asked. We do this to ensure we’re always focused on doing the best job possible for our clients at all times.

Both real estate agents and home sellers must follow specific legal disclosure requirements set according to the laws in the property’s state of residence. If you are buying or selling a home you must receive/deliver the necessary disclosures or you may be violating state law and creating an unnecessary legal liability for yourself. These disclosures include information on the property such as:

1. What is included in the home’s sale (conveyances)
2. What defects are known by the existing owner
3. Other issues including zoning, flooding, non-permitted areas, settling problems, etc.
4. Actual knowledge or suspicion of toxic mold onsite
5. Material facts or circumstance that might affect a reasonable buyer’s decision whether to purchase the property
6. Lead-based paint and radon hazards
7. Critical wetlands or forested areas declarations
8. Well and septic declarations and inspections
9. Many, many more

When hiring a broker and prior to a buyer submitting an offer to buy, or a seller signing a listing agreement to sell, an agency disclosure describing the role and duty of the brokers must be signed by all material parties.

There are many types of real estate contracts available to buyers and sellers these days from one-page term sheets to the very thorough REALTOR® forms used by licensed brokers and agents. Sellers should take heed of the legal nature of real estate contracts and pay close attention to how the rights of both parties are addressed. One-page contracts might sound nice but they really can’t protect you when something goes wrong or when there is a disagreement between the buyer and seller. Inexperienced sellers are also unaware of what and how to negotiate terms in contracts to their advantage. The use of a properly structured contract can give you massive breathing room when an unforeseen problem occurs, whereas a poorly structured or written contract can cost you a lot of money and time speaking with a not-so-friendly attorney of the other party.

Oyster Realty uses the latest contracts and addendums supplied by the local boards of the National Association of REALTORS®. These legal documents are based on years of selling experience and are written to protect both buyers and sellers equally. Our agents are highly trained to know contractual laws and how to structure contracts to protect our clients. These professionals are further backed by our very experienced brokers, managers, and staff contract attorneys who are here as your guiding resources.