There always seem to be a lot of confusion surrounding the topic of Multiple Representation, mainly when it comes to the paperwork and signatures. This post is a quick reminder when it comes to signatures.
There are a number of ways that you could end up in Multiple Representation.
1) Same salesperson representing the Buyer and the Seller
2) Different Salespeople (both from same brokerage), representing the Buyer and Seller
3) Same salesperson representing two different buyers on the same property
4) Different salespeople, same brokerage, different buyers (unaware that they are competing)
5) Different salespeople, same brokerage, different buyers (aware they are competing)
Because we have a large brokerage with almost 1000 agents, it is common for the agents to find themselves in Multiple Representation. The mistake I see made most often is when it comes down to signatures.
Attached are quick snapshots (literally), of where and where not to sign when involved in Multiple Representation when both Buyer and Seller are represented by the same brokerage.
The key thing to remember is…there is NO co-operating brokerage. So it would make sense then that there are no signatures/initials on the Confirmation of Co-operation and Representation and/or Agreement of Purchase and Sale – in the areas designated for Co-Operating Brokerage.
Hope this quick reference helps, and as always – keep your eyes posted at our training schedules for Gregory Istanbul’s course on Agency Relationships.