RESIDENTIAL AND COMMERCIAL REAL ESTATE
FIRMS ARE REQUIRED BY
( THE
FIRM MAY UTILIZE ELECTRONIC OR COMPUTERIZED DATA STORAGE ) .
Those Records Should Include:
1. The
Listing Contract or Property Management Contract between
the property owner
and the real
estate firm.
2. The
Agency Disclosure Form between the
property owner and the real estate firm’s
sales affiliate.
The Agency
Disclosure Form between the real estate firm’s sales affiliate and the
buyer, only if the transaction was an Inhouse sale or lease.
(The Law does not require a real estate
firm to have copies of Agency Disclosure Forms
from all the
parties and sales affiliates involved in a transaction unless it is an Inhouse sale
or lease and the
firm has an agency relationship with all the parties involved in the
transaction.
If the buyer or tenant is represented by
or working with a sales affiliate from another real
estate firm, a
copy of the Agency Disclosure Form between that sales affiliate and the
buyer or tenant
is not required in the transaction file.
3. The
Seller Agency Agreement between the property owner and the real estate
firm and their sales affiliate.
4. The
Buyer Agency Agreement between the buyer and the real estate firm and
their
sales affiliate.
5.
Copies of all Offers to
Purchase/Lease even those that are that do not become
contracts.
6.
A copy of the Property Disclosure
Form, if required by law of the property
owner.
A copy of
the Exemption Notification if a
Property Disclosure Form is not required.
A copy of the Waiver which is required if the
property owner refuse to fill out a Property
Disclosure
Form.
A copy of the Property Disclosure Addenda from the
property owner if there were any
material
changes in the physical conditions of the property prior to the closing or
a
Certification
Addenda from the property owner stating that the condition of the property
at
closing
is the same as stated on the Property Disclosure form prior to the closing of
the
transaction.
7. A
copy of the Lead Base Paint Disclosure
if property was constructed prior to 1978.
8. Copies
of any other Environmental Disclosures.
9. A
copy of the Termite or Pest Inspection
Report.
10. A
copy of the Contract to Purchase or
Lease.
11. A
Detail Record of the handling and
disbursement of all deposits and earnest money involved in the transaction.
The Broker who accepts or
whose sales affiliate accepts a deposit or earnest money from
a
buyer or tenant is always responsible
for that deposit or earnest
money, regardless
of whether such deposit or earnest money is actually held
by some other real estate firm or other person. - TREC Rule 1260-2-.09 #3.
(It appears that a safe policy for the
real estate firm accepting the deposit or
earnest money
from a party to a transaction would be to always
hold the
deposit or
earnest money in the firm’s escrow account.)
12. A
copy of the Closing Statement.
13. Any
and all Correspondence pertaining to
the transaction.
14. Any
and all Notes pertaining to the
transaction.
15. Any
other Relevant Information
pertaining to the transaction which might
be
beneficial to you if the real estate firm, Broker, and or sales affiliate is
involved
in a lawsuit concerning the transaction.
Recommendation: The
Principal Broker or Office Manager should convert the above into a checklist to
be followed by every licensee in the office.