Consumer Property Notice (CPN)

CONSUMER NOTICE REGARDING REAL ESTATE AGENCY RELATIONSHIPS Before working with a real estate licensee, you should know that the duties of a licensee are owed to the party or parties the licensee represents. If you are a prospective seller or landlord (referred to in this notice as "seller"), the licensee may represent you, another seller, or the buyer. If you are a prospective buyer or tenant (referred to in this notice as "buyer"), the licensee may represent you, another buyer, or the seller. A REAL ESTATE LICENSEE IS OBLIGATED BY LAW TO TREAT YOU HONESTLY. If the licensee represents the seller: • The licensee's primary duty is to the seller. The licensee must disclose to potential buyers known defects in the property, in a real estate transaction, or concerning the title to the property. The licensee does not represent the potential buyer, has no duty to disclose information to the potential buyer that would be harmful to the seller, and must place the interests of the seller first. If the licensee represents the buyer: • The licensee's primary duty is to the buyer. The licensee may not disclose the buyer's financial ability, the buyer's motivations, or any other information that would assist the seller or that would place the buyer at a disadvantage, unless the buyer authorizes the disclosure. If the licensee represents both the buyer and the seller: • The licensee may act as an intermediary between the parties if each party consents in writing. The written consent must state who will pay the licensee. The licensee must treat both parties fairly and may not disclose confidential information that would place either party at a disadvantage. BEFORE YOU AGREE TO WORK WITH A REAL ESTATE LICENSEE, YOU SHOULD DECIDE WHAT TYPE OF REPRESENTATION, IF ANY, YOU WANT. Texas Real Estate Commission (TREC) Information about TREC available at www.trec.texas.gov CPN 1-0