REAL ESTATE BROKERAGE SERVICES DISCLOSURE
AND
AGENCY OFFICE DISCLOSURE POLICY
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REAL ESTATE BROKERAGE SERVICES DISCLOSURE
*Alabama law requires you, the consumer, to be informed about the types of services which real estate licensees may perform. The purpose of this disclosure is to give you a summary of these services.
A SINGLE AGENT is a licensee who represents only one party in a sale. That is, a single agent represents his or her client. The client may be either the seller or the buyer. A single agent must be completely loyal and faithful to the client.
A SUBAGENT is another agent/licensee who also represents only one party in a sale. A subagent helps the agent represent the same client. The client may be either the seller or the buyer. A subagent must also be completely loyal and faithful to the client.
A LIMITED CONSENSUAL DUAL AGENT is a licensee for both the buyer and the seller. This may only be done with the written, informed consent of all parties. This type of agent must also be loyal and faithful to the client, except where the duties owed to the clients conflict with one another.
A TRANSACTION BROKER assists one or more parties, who are customers, in a sale. A transaction broker is not an agent and does not perform the same services as an agent.
*Alabama law imposes the following obligations on all real estate licensees to all parties, no matter their relationship:
- To provide services honestly and in good faith;
- To exercise reasonable care and skill;
- To keep confidential any information gained in confidence, unless disclosure is required by law or duty to a client, the information becomes public knowledge, or disclosure is authorized in writing;
- Present all written offers promptly to the seller;
- Answer your questions completely and accurately.
Further, even if you are working with a licensee who is not your agent, there are many things the licensee may do to assist you. Some examples are:
- Provide information about properties;
- Show properties;
- Assist in making a written offer;
- Provide information on financing.
You should choose which type of service you want from a licensee, and sign a brokerage service agreement. If you do not sign an agreement, by law the licensee working with you is a transaction broker.
The licensee’s broker is required by law to have on file an office policy describing the company’s brokerage services. You should feel free to ask any questions you have.
The Alabama Real Estate Commission requires the real estate licensee to sign, date, and provide you a copy of this form. Your signature is not required by law or rule, but would be appreciated.
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Name of licensee Craig A. Buchanan
Signature Craig A. Buchanan
Date: As time stamped above.
Consumer name _________________________________________________.
Signature _______________________________________________________.
(Acknowledgment for Receipt Purposes, Only)
Date ___________________________________________________________.
SOUTHERN ELITE REALTY and SOUTHERN ELITE AUCTIONS
Agency Disclosure Office Policy
Effective Date: April 18, 2025
Purpose:
In compliance with Alabama Act 2025-59 (HB230) and the Real Estate Consumer’s Agency and Disclosure Act (RECAD), Southern Elite Realty LLC has established this Agency Disclosure Office Policy. This policy outlines the types of brokerage services we offer and provides a general explanation of our compensation structure to ensure transparency and adherence to state regulations.
Brokerage Services Offered:
1. Single Agency:
• Seller’s Agent: We represent the seller exclusively, promoting their best interests in the transaction.
• Buyer’s Agent: We represent the buyer exclusively, advocating for their best interests in the transaction.
2. Limited Consensual Dual Agency:
• With the informed, written consent of all parties, we may represent both the buyer and seller in the same transaction, maintaining impartiality and confidentiality.
3. Transaction Brokerage:
• We assist one or more parties in a transaction without representing any party as an agent. In this role, we facilitate the transaction while remaining neutral.
Disclosure Requirements:
• Initial Contact:
At the first substantive contact with a consumer, and before any confidential information is exchanged, our licensees will provide the Alabama Real Estate Commission-approved
Real Estate Brokerage Services Disclosure form. This form describes the various brokerage relationships available and ensures consumers are informed of their options.
Written Agreements:
A written brokerage agreement is required before:
• Listing a property for sale.
• Submitting an offer on behalf of a buyer.
• Consumers are not required to sign a brokerage agreement solely to view a property.
Compensation Structure:
• Listing Agreements:
Compensation for our services in listing a property is specified in the listing agreement. This may be a percentage of the final sale price or a fixed fee, as negotiated between the broker and the seller.
• Buyer Representation Agreements:
Compensation for representing buyers is detailed in the buyer representation agreement. This can be paid by the seller, the buyer, or through a commission split, depending on the terms agreed upon.
• Transaction Brokerage:
Fees for transaction brokerage services are outlined in a written agreement prior to the provision of services, ensuring clarity and mutual understanding.
Annual Review and Acknowledgment:
Al licensees affiliated with Southern Elite Realty LLC are required to review this Agency Disclosure Oftice Policy annually. A signed acknowledgment of this review will be maintained in the company’s records to ensure ongoing compliance with Alabama law.
Conclusion:
Southern Elite Realty LLC is committed to upholding the highest standards of professionalism and transparency in all real estate transactions. By adhering to this policy, we ensure compliance with Alabama’s legal requirements and foster trust with our clients.
Note: This policy is subject to updates in accordance with changes in Alabama real estate laws and company procedures. Licensees and clients will be notified of any significant changes as they occur.