Can a broker sell their own property to an unrepresented buyer using the standard forms?

QUESTION: I am a member of the NC REALTORS®, and I am selling a single-family residential property that I own personally. I have a prospect who wants to submit an  offer. I have disclosed to her that I am a REALTOR® and I have gone over the Working With Real Estate Agents Disclosure with her. She says she doesn’t want representation from me or any other real estate agent. Someone in my office told me that Real Estate Commission rules prohibit me from working with her because I own the  property, and that she will have to work through another agent or an attorney. Is that right? Also, is it okay for me to use the Offer to Purchase and Contract (Form 2-T) to sell  my own property, and if so, can I give the buyer a blank copy to fill out herself?

ANSWER: Real Estate Commission Rule 58A.0104(o) would prohibit you from representing the buyer since you own the property. However, there’s nothing in the Rule that  would prohibit you from working with her on your own behalf, provided that she understands you are representing your own interests and not hers. If you haven’t done so  already, be sure to check the “Unrepresented Buyer” box on the WWREA Disclosure.

The NCR Forms Policy permits authorized users to use NCR’s forms in transactions in which they are involved either as a broker or a principal. However, permitted users  may not distribute blank NCR forms to clients, customers or others, other than sample copies for review purposes. See the first bullet under section 4 of the Policy. Thus, it  would be okay for you to use Form 2-T to put your own property under contract, but you shouldn’t give the buyer a blank copy to fill out. It would be acceptable for you to  assist the buyer in completing an offer using Form 2-T, but you would need to be careful not to give her any advice on what to put in the blanks since you are not representing her. Since the buyer will need to hire an attorney to conduct a title search and handle the closing, you might suggest that she consider engaging the attorney to assist her in  completing an offer and negotiating the contract. Members of the NC Bar Association have access to a number of forms that are jointly-approved with the Bar Association,  including Form 2-T.

© Copyright 2021 - 2023. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

Filed Under: Forms, Miscellaneous,