By signing below, Seller acknowledges that Limited Agency Authorization has been read and understood. Seller further waives any claims, damages, losses, expenses, including attorneys' fees and costs, against ABC Realty and Licensee for Y2K computer failures, delays or problems relatin g to the closing of your transaction. The sections in the Bill pertaining to agency law begin with section 3. The definition section better reflects how licensees actually do business. The buyer agency contract and the buyer understanding should be optional forms after July 1, 1999.
Some firms already require written buyer agency contracts.
For those that do, written contracts can still be used to specify more clearly termination dates of the agency relationship, compensation or other terms of the agency relationship. This change is probably no practical difference in what agents do day to day. It should continue to reduce litigation because the duties are clearly defined and the information is easily accessible to any layperson. This section has been simplified and better reflects how licensees do business. That means agents can offer a consistent level of service and advocacy regardless of what listing is shown.