In the listing agreement, the seller authorizes the listing company to appoint a listing broker who acts as the seller`s agent. The listing agreement provides that no other real estate agent affiliated with the listing company is an agent of the seller, except to the extent that the listing company appoints other brokers to act on behalf of the seller if necessary. If the company appoints another broker representing the seller, that agent is considered a “sub-agent” in accordance with RCW 18.86.020 (1)). The purchase by the buyer of a real estate supplement (form 22B) suspends the contract for the sale of the buyer`s property. The updated rules will take effect on October 1, 2019 and will make three substantive changes. The update will allow the sales office commission (SOC) to be published on the public website of a brokerage firm; It will allow the seller to decide not to offer a sales office commission in the listing agreement; and will allow the buyer to negotiate a sales office commission as part of the buyer`s offer to purchase the property in question. Listing companies regularly appoint sub-agents to represent the seller if the stockbroker is not in town or is not available for a long period of time. The new sub-agent order (Form 1S) can be used for the listing company to appoint a sub-agent representing the seller. The date can be set for the duration of the listing agreement or for a limited period of time. Several changes have been made to the first page of the purchase and sale contracts. Additional filling fields have been added so that the parties can list several tax parcel numbers, if necessary.
Please note that the purchase and sale agreement must contain a legal description of the property in order to be enforceable by both parties in accordance with the Fraud Act. The general term “f” has been revised and contains a provision on systems and appliances that was previously included in the supplement of optional clauses (form 22D). The provision requires the seller to repair or replace a system or device that, before closing, becomes inoperative or has defects. The revised form also gives the buyer the opportunity to make the building “practicable” within five days of closing, to verify that the seller has maintained the property, systems and appliances in accordance with the purchase and sale agreement. The general term “x” (Information Verification Period and Property Condition Disclaimer) has been divided into two separate provisions. The new general term “w” gives the buyer ten days to verify all the information of the seller or listing company. The new general term “x” (Property Condition Disclaimer) informs the seller and buyer of the condition of the property and the obligation for the parties to perform their own due diligence in the transaction. The revised random change to the closing date (Form 22Y) allows the parties to change the closing date of the agreement to another date. The previous form allowed only an extension of the reference period. The form also allows parties to change other dates in the agreement and include additional conditions.
Form 42A can be used to disclose the agency for a co-listing broker or a sub-agent listing. Or form 42A can be used to disclose the agency to a co-selling broker if more than one broker represents the buyer (for example. B the buyer is represented by a “team”). Note that RCW 18.86.020 provides that a broker is a buyer`s representative, unless the broker represents the seller as part of a written agency agreement (for example. B the listing contract); b) the broker was charged with representing the seller as a sub-agent; or (c) the broker represents the seller as part of a written agency agreement and the broker represents the buyer in accordance with a written agency agreement (z.B).