IABS Legal Document

IABS Legal Document

This Information About Brokerage Services (IABS) is made effective as of by and between Broker: License No: Brokerage Firm: and Client Name: Client Address:

RECITALS

WHEREAS, Broker is duly licensed to perform real estate brokerage services and maintains an obligation to disclose the nature of brokerage relationships to prospective clients;

WHEREAS, Client is considering a potential transaction involving the property or properties described as: and requires clarification of brokerage duties and relationship options; and

WHEREAS, Broker provided Client with a written disclosure of brokerage services and has advised Client of options for representation, duties owed by a license holder, and the potential for conflicts of interest;

NOW THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows:

1. DEFINITIONS

For purposes of this IABS, "Broker" means the licensed real estate broker and its licensees identified above; "Client" means the individual or entity identified above; "Confidential Information" means information provided by the Client to Broker that is not a matter of public record and that the Client reasonably expects to be kept confidential.

2. BROKERAGE RELATIONSHIP OPTIONS

Broker has explained the available brokerage relationships. Client acknowledges receipt of that explanation and selects one of the following options by checking the applicable box and initialing where indicated.

Seller's Agent — Broker represents the seller and owes fiduciary duties to the seller, including loyalty and confidentiality with respect to that representation.

Buyer's Agent — Broker represents the buyer and owes fiduciary duties to the buyer, including loyalty and confidentiality with respect to that representation.

Intermediary — Broker may represent both parties in a transaction if Client provides informed, written consent. If intermediary is selected, the parties must agree in writing to the allocation of duties and any appointed licensee(s).

No Brokerage Relationship — Broker will provide ministerial services only, limited to factual information and clerical assistance, and will not act as an agent for either party.

Client initials to confirm the selection(s):

3. DUTIES OF BROKER

Broker shall perform services in a professional manner consistent with applicable law and license rules. Broker's duties include: (a) dealing honestly and fairly with all parties; (b) disclosing to Client material facts known by Broker that affect the value of the property or Client's decision to transact; (c) answering Client's inquiries in a timely manner; and (d) unless otherwise agreed in writing, not disclosing Confidential Information provided by Client, except as required by law.

4. CONFIDENTIAL INFORMATION

Client may provide Confidential Information to Broker to assist in representation. Broker shall not disclose Confidential Information without Client's informed, written consent, unless disclosure is required by law or necessary to fulfill Broker's duties in a transaction. Confidential Information does not include matters that are public record or that Broker is required to disclose by statute or court order.

5. CONFLICTS OF INTEREST; INTERMEDIARY CONSENT

If Broker is requested to act as intermediary, Broker must obtain written consent from all parties. In the event of intermediary appointment, Broker will not disclose Confidential Information of one party to another unless authorized in writing. Client may withhold consent to intermediary without affecting Broker's ability to render other services.

Client consents to intermediary representation: Client authorizes Broker to appoint the following licensee(s) to act on behalf of the parties within the scope of intermediary duties:

6. COMPENSATION

Broker's compensation shall be as agreed in writing or in a separate compensation agreement. Unless otherwise agreed, compensation is payable at closing or as otherwise set forth. Client acknowledges that payment of Broker's compensation may be due by either party to the transaction and that terms of payment are negotiable.

7. TERM AND TERMINATION

This IABS remains in effect for the period necessary to complete the contemplated transaction or until terminated in writing by either party. Termination does not affect obligations that by their nature survive termination, including confidentiality and compensation obligations incurred prior to termination.

8. NOTICES

All notices permitted or required under this IABS must be in writing and delivered to the notice addresses above and are effective upon receipt.

9. GOVERNING LAW; VENUE

This IABS shall be governed by and construed in accordance with the laws of the state in which the Property is located. Any dispute arising out of or relating to this IABS shall be resolved in the state or federal courts located in the county where the property is situated, unless otherwise agreed in writing.

10. ENTIRE AGREEMENT; SEVERABILITY

This IABS constitutes the entire agreement between the parties regarding the disclosure of brokerage services and supersedes all prior oral and written statements concerning that subject. If any provision of this IABS is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

11. AMENDMENT; WAIVER; COUNTERPARTS

This IABS may be amended only by a written instrument executed by both parties. No waiver of any provision of this IABS shall be effective unless in writing and signed by the party against whom enforcement is sought. This IABS may be executed in counterparts, each of which shall be deemed an original.

12. ELECTRONIC SIGNATURES AND DELIVERY

The parties agree that signatures transmitted electronically or by facsimile shall have the same effect as original signatures, and that delivery of executed counterparts by electronic transmission constitutes effective delivery.

ACKNOWLEDGMENT

Client acknowledges receipt of a copy of this IABS, acknowledges that Broker has explained the types of brokerage relationships available, and certifies that the information provided by Client in this IABS is true and correct to the best of Client's knowledge.

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