The Scariest Form in the Real Estate Transaction

Description

Why is this form scary? This is the one form used in the real estate transaction that leads to a large numbers of lawsuits, complaints to the KREC, and ethics complaints to REALTORS®. This form leads to more legal problems than the sales/purchase contract! There are a number of reasons for this situation – failure of seller to understand the purpose of the form, failure of the buyer to understand the purpose of the form, failure of the seller’s agent to understand the purpose of the form, and failure of the buyer’s agent to understand the purpose of the form!! Sellers underestimate its importance. Buyers overestimate its purpose, and agents either fail to explain the purpose to the seller or promise the buyer too much from the form!