BIC TIP #1250: The One Form You Need
Picture it: you are the listing agent, and the phone rings. It is a buyer who says, I do not want an agent. I do not need a buyer agent. I just want to see the home. What paperwork do you need? According to Stephen Long, in that scenario there is only one form you need: the Working with Real Estate Agents Disclosure.
Why the Written Agreement Rule Does Not Apply Here
Since the NAR settlement, brokers have become very familiar with the requirement to have a written agency agreement in place before showing property to a buyer they are working with. That rule is all about the buyer’s agent providing services to the buyer.
But in this scenario, you are not the buyer’s agent. As the listing agent, your service is to the seller. You are showing your seller’s property on your seller’s behalf, which is a very different situation than working with a buyer as their agent.
When the Buyer Truly Wants No Representation
The key is that the buyer must be adamant that they do not want anyone to work with them, not you and not any other agent. If that is the case, you do not need to create a buyer agency relationship.
Instead, you review the Working with Real Estate Agents Disclosure with them and have them mark the box at the bottom indicating they are an unrepresented buyer. That documents the relationship, or more accurately the lack of one, and makes clear that you work for the seller.
Do Not Forget to File It
Even though no agency agreement is involved, that disclosure is still a transaction record. Stephen reminds brokers that it is subject to the three-year record retention rule, so put it in a folder and store it, whether or not the buyer ever makes an offer.
Be careful during the showing, too. You represent the seller, so avoid giving the buyer advice or sharing information that could harm your client. If the buyer later decides they want representation, refer them to another agent or talk to your broker-in-charge about how your firm handles it.
The Practical Takeaway
When an unrepresented buyer calls the listing agent and truly wants no agent of their own, the Working with Real Estate Agents Disclosure, marked for an unrepresented buyer, is the one form you need. Review it, have them mark it, store it for three years, and you will stay safe and compliant.
