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JAN212010 14:23 WEIGHER REALTORS P.002 STATE OF MARYLAND REAL ESTATE Commission consent for Dual Agency (in this form, the word seller intrudes “landlord “buyer includes tenant and includes 'lease.
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How to fill out bonsent for dual agency
How to Fill Out Bonsent for Dual Agency:
01
Gather all necessary information: Start by collecting all the relevant documents and information required for the dual agency representation. This may include the property address, names of the buyer and seller, and any additional details specific to your situation.
02
Understand the purpose of the consent form: The bonsent form, short for "buyer or seller agency consent," is a legal document that acknowledges the potential conflict of interest when a real estate agent represents both the buyer and seller in a transaction. Familiarize yourself with the content and purpose of this form.
03
Review the form thoroughly: Take the time to carefully read through the bonsent form, paying attention to each section and clause. Understand the implications and consequences of dual agency, and ensure you are comfortable proceeding with this arrangement.
04
Seek legal advice if needed: If you have any doubts or concerns about dual agency or the bonsent form, it is advisable to consult with a real estate attorney to clarify any legal aspects or to address specific questions you may have.
05
Complete the form accurately: Fill out the bonsent form accurately, providing all the necessary details requested. Make sure to include the names of both the buyer and seller, the property address, and the date on which the consent is given.
06
Sign and date the form: Once you have filled out the form, sign and date it in the designated area. Ensure that all parties involved, including the agent and both the buyer and seller, have signed the document.
07
Keep a copy for your records: After completing the bonsent form, make copies for both the buyer and seller. Keep a copy for your own records as well, as this document may be required during the transaction process or for future reference.
Who Needs Bonsent for Dual Agency?
01
Buyers and sellers engaging in a real estate transaction: Both the buyer and the seller must sign the bonsent form when they are represented by the same real estate agent or brokerage in a dual agency arrangement.
02
Real estate agents and brokerages: Real estate agents and brokerages are also involved in the dual agency relationship and are responsible for presenting the bonsent form to both parties involved. They must ensure that both the buyer and seller have a clear understanding of the dual agency representation and obtain their consent through the signed form.
03
Legal and ethical requirements: In many jurisdictions, obtaining consent through a bonsent form is a legal and ethical obligation for real estate agents who engage in dual agency. It is essential to comply with these requirements to maintain transparency, uphold professional standards, and protect all parties' interests in the transaction.
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