You don’t want the other agent contacting your Client / Customer directly but when are you REQUIRED to put their contact information in a contract? Information presented for the Georgia Association of REALTORS (GAR) & RE Forms Contract Packages. The following is a synopsis of the latest episode of “Real Estate Made Crystal” with our very own Dana Sparks. You can watch the video in its entirety below.
When drafting a purchase and sale agreement, you must include contact information for your buyers and sellers. But what information do you need to provide, and why is it necessary? In this blog, we’ll go over what’s required, why it’s necessary, and how you can determine what information to include.
The Purpose of Contact Information
The purpose of including contact information on a purchase and sale agreement is to enable parties to communicate with one another. For instance, you might need to send an offer, a counter-offer, or a notice of termination, amendment, or change of sale price. By having the parties’ contact information readily available, you can ensure that communication is clear and efficient.
Examining the Purchase and Sale Agreement Forms
To determine the contact information you need to include in a real estate contract, it’s important to examine the purchase and sale agreement forms thoroughly. Look for the section about notice, as this will typically contain the relevant information. In the Georgia Association of Realtors purchase and sale agreement (GAR form 201), for example, this information can be found under paragraph C1c. By carefully examining the contract language, you can determine exactly what contact information is required and where it should be included.
Contact Information Requirements for Brokers and Affiliated Licensees
According to the contract language, brokers and affiliated licensees are authorized agents for the party in a client relationship, meaning that they can receive and send notices on the party’s behalf. However, the rules change in the case of a dual agency situation. If you’re in a dual agency situation, you must give notice directly to the public buyer or seller. If it’s a designated agency situation, notice must go directly to the buyer or seller or the agent designated as working with them.
If your broker is working with a public person as a client in a client relationship, you don’t need to include their contact information on the signature page of the contract. Instead, you only need to include the brokerage contact information, such as the address, email, and fax number. By understanding these requirements, you can ensure that you’re including the appropriate contact information in your real estate contracts.
In the world of real estate, communication is key to a successful transaction. Including the appropriate contact information in your purchase and sale agreement is not only necessary, but it also ensures clear and efficient communication between parties. By carefully examining the contract language and understanding the requirements for brokers and affiliated licensees, you can determine what information needs to be included and where. Remember that in a dual agency situation, notice must go directly to the public buyer or seller, while in a designated agency situation, notice must go directly to the buyer or seller or the agent designated as working with them. By following these guidelines, you can ensure that your real estate contracts are complete and accurate, and that your clients are well-informed throughout the transaction process.
Watch the entire video for more information here: