Disclosures

Homeownershipmatters.com

Table of Contents
Disclosures Related to Agency & Brokerage
Disclosures Related to Consumer Rights and Responsibilities
Disclosures Related to Financing
Disclosures Related to Condition of Property
Disclosures Related to Lender, Builder, or Title Company
Miscellaneous Disclosures
Other Disclosures

Related Information:

Who Pays What at Closing?
Financing Your Dreams
Consumers Guides
Fair Housing Information



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Disclosures Related to Agency and Brokerage

Disclosure #11: Agency Relationship (PDF)
You should receive this document or something similar shortly after meeting with a real estate professional.

1. Purpose: To disclose how agency works with specific details about - 11

	Seller agency 11-A
	Buyer agency 11-B
	Limited agency 11-C

2. Whom does it protect?  Real estate professionals involved in the transaction. 11-D

3. What rights do you give up?  Generally, you can’t claim you did not understand who the realtor was working for and what obligations were owed to you under agency relationships.
   
   *Note: See “Understanding Agency”

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 Disclosure #12: Home Warranty

1. Purpose: To disclose to consumers that a home warranty can be included as an option with the transaction (i.e. sellers may include/waive inclusion with the listing agreement OR buyer’s may include/waive inclusion with purchase agreement).  The disclosure also indicates which party will pay for such a warranty.

2. Whom does it protect? Real Estate professionals associated with the transaction.

3. What rights do you give up?  You cannot later claim you were unaware of the option to include or waive warranty.  Nor can you dispute who is shown as paying for this option.

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 Disclosure #13:  REALTOR®-Purchaser Agreement

1.      Purpose: To disclose that your agent recommended that you

	consult with an attorney
	consult with a mortgage lender
	verify the status of taxes with the correct taxing agency.

REALTORS® provide real estate information, not legal, financing, or tax information sufficient for you to base a decision on.

2.      Whom does it protect?  Real estate professionals.

3.      What rights do you give up?  You forfeit the right to file suit against the REALTOR® or their broker because you uncover information related to law, financing, or taxes which you feel should have been available through your REALTOR®.

*Note: REALTORS® may recommend a lending institution or provide tax data available from the assessor’s office. They do not warrant the accuracy of this information.

 Disclosure #14:  Affiliated Business Arrangement Statement Notice

1.      Purpose: To disclose to you that the company you are doing business with has a relationship with other businesses which may be also benefiting from the transaction. You still have the right to decide who you want to provide the affiliated services.

2.      Whom does it protect?  The correct answer depends on who provided the disclosure.  It may be the builder, a real estate broker or a lender.

3.      What rights do you give up? You have agreed that you were told you could select the provider for any affiliated service you might need.  You also agreed that you realized other companies associated with company A might have access to the details of the transaction and/or get paid from the transaction.

 
Disclosure #15: Acknowledgment of Broker Service

Purpose:  To disclose that you are aware of the amount borrowed to pay for the services of the mortgage broker.  It also states what specific services were provided for that fee.

1.      Whom does it protect?  The broker and lender.

2.      What rights does the borrower give up?  You cannot later claim you had no idea how much the broker was being paid.  A complaint that you felt the broker fee was excessive would be invalid since you signed that you agreed with this compensation.

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