Congratulations! You’ve made the decision and now you’re ready to purchase a home. If you haven’t participated in a real estate transaction in Pennsylvania during the past 15 years, you are not familiar with Pennsylvania’s Real Estate Consumer Notice.
This is a disclosure designed to protect you, the consumer, and is presented by the agent at the first meeting where a “substantive discussion about real estate occurs.” If a discussion takes place prior to the first meeting (i.e, through phone discussions or email), the agent will relay the content of the Consumer Notice verbally or through email at that time.
The purpose of this Consumer Notice is to inform the public of the agency relationships that Pennsylvania real estate licensees may practice in our state. In most cases, the real estate consumer will either form a “buyer” or “seller” agency relationship. There are other nuances to those main types that could develop depending on the individual circumstances of a transaction. This Notice will help to explain those nuances.
Although an agent will ask you to sign the notice at the initial meeting, it’s important to understand the Consumer Notice is NOT a contract. It is a disclosure only—advising the consumer of the agent’s responsibilities and defining the type of working relationship the consumer may select. Without choosing an agency relationship, the agent does not represent you.
If you would like to see a copy of the Pennsylvania Consumer Notice in its entirety, click here.
For more information or questions about real estate in general, feel free to contact me by email, phone, text, or using the form below.