Get the free Form 550- Dual Agency Addendum - nc realtors
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COMMERCIAL DUAL AGENCY ADDENDUM(Note: The purpose of this Addendum is to address dual agency disclosure requirements in connection with the use of forms
other than North Carolina Association of
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How to fill out form 550- dual agency
How to fill out form 550- dual agency
01
Step 1: Start by entering the name of the selling and listing brokerages in the appropriate fields.
02
Step 2: Provide the necessary details about the property being sold or listed, such as the address and legal description.
03
Step 3: Indicate whether the brokers are acting as dual agents or designated agents.
04
Step 4: Specify any potential conflicts of interest that may arise due to dual agency.
05
Step 5: Include information about any additional compensation or commission being received by the brokers.
06
Step 6: Both the listing and selling brokers must sign and date the form.
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Step 7: Make sure to review the completed form for accuracy and completeness before submitting it.
Who needs form 550- dual agency?
01
Form 550- dual agency is needed by real estate brokers and agents who are involved in a transaction where dual agency is present. Dual agency occurs when a single brokerage or agent represents both the buyer and seller in a real estate transaction. In such cases, it is required to disclose the dual agency relationship using form 550- dual agency.
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What is form 550- dual agency?
Form 550- dual agency is a form used to disclose dual agency representation in real estate transactions.
Who is required to file form 550- dual agency?
Real estate agents and brokers who are representing both the buyer and seller in a transaction are required to file form 550- dual agency.
How to fill out form 550- dual agency?
Form 550- dual agency requires the agent or broker to disclose the dual agency relationship, provide details of the transaction, and obtain signatures from both parties.
What is the purpose of form 550- dual agency?
The purpose of form 550- dual agency is to ensure transparency and disclosure in real estate transactions where there is a dual agency representation.
What information must be reported on form 550- dual agency?
Information such as the names of the parties involved, property details, terms of the transaction, and the dual agency disclosure must be reported on form 550- dual agency.
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