Agent as Purchase July 31, 2013

As discussed, you now have a revised “Agent As Purchaser Listing Termination and Non-Agency Agreement” which shall be used whenever a London Associate buys any London listing. To be clear:

 

1.            The “Agreement” is used regardless as to whether the London listing is that of the purchasing agent or one of any other London Associate.

2.            If the purchasing agent is the sole owner of an LLC (or other such entity), the agent shall still complete and follow the terms of this agreement with their personal name as the “Buyer”. On the Purchase Agreement, the   agent shall disclose on page 1, that “Buyer” ABC Investment Group LLC, is owned by Joe Smith (agent name). Our Agency election and confirmation shall be that selling Broker represents Buyer Exclusively.

3.            In the event purchasing agent is a principal/owner in an LLC or other such entity, agent does not need to use the “Agent as Purchaser Agreement,” but will disclose on the purchase contract (other terms) that “Joe Smith” is a Licensed Associate with London Properties and is also a principal in (or “one of the owners of”) ABC Investment Group LLC. Regarding Agency on page 1 of the purchase agreement, the Associate will check “Dual Agency” for both Listing Broker and Selling Broker.

4.            In all of the above, the purchasing agent shall sign an Indemnification to the office.

 

Please let me know if anything is not clear herein; if you have a question, I’m sure somebody else does too!

 

Thank you!