Personal Property Addendum - Real Estate Marketing Ideas ...

[Pages:2]PERSONAL PROPERTY ADDENDUM TO CONTRACT

This is an Addendum to the Independent Contractor Agreement ("Agreement"), dated _______________________ by and between _______________________________________ ("Broker") and _________________________ ("Associate").

In consideration of the covenants and representations contained in this Addendum, the following terms and

conditions are hereby incorporated into and made a part of the Agreement.

1. E&O COVERAGE FOR PERSONAL PROPERTY. E&O carriers have extreme limitations on their Errors and Omission (E&O) coverage on any property where a licensed real estate agent is a principle in the transaction and is acting in the capacity of a real estate agent. Specifically, the general exclusion to coverage is as follows:

1.1 GENERAL EXCLUSION TO COVERAGE. No claim will be covered arising out of the purchase, sale, lease, appraisal or property management of property owned by:

A. Any agent; B. Any entity (i.e. Corporation, LLC, etc.) in which an agent has or had a financial interest or a

contemplated financial interest; C. Any entity which has or had a financial interest or a contemplated financial interest in an agent; D. Any entity which is or was under the same financial control as an agent.

1.2 EXCEPTION. The above exclusion will not apply to the sale of residential property by an agent, provided the agent is the owner of the residential property and each of the following conditions are met:

A. A property disclosure (TDS), an ownership interest disclosure and an agency representation disclosure was completed and signed by the agent and acknowledged in writing by the buyer prior to closing;

B. An accredited home inspection report was issued by a third party home inspector prior to closing; and

C. The agent is NOT the buyer's agent; D. A current state or local board approved standard sales contract was utilized and signed by buyer

prior to closing.

2. ALLISON JAMES ESTATES AND HOMES - REQUIREMENTS AGENT'S PURCHASE OF A PERSONAL PROPERTY. Allison James Estates and Homes does allow its licensed real estate agents to act as an agent (represent themselves or any entity which they have a financial interest in) in the purchase of their own personal property.

2.1 In the event Associate wishes to purchase personal property he/she must:

A. Notify Broker in advance of their intention to represent themselves in the purchase of personal property by emailing your managing broker.

Allison James Estates & Homes PPA 0620

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3. ALLISON JAMES ESTATES AND HOMES REQUIREMENTS AGENT'S SALE OF A PERSONAL PROPERTY. Associate may act as an agent in the sale of their own personal property, or property which they have any financial interest in ONLY under the following circumstances:

A

Associate notifies Broker in advance of their intention to represent themselves in the sale of personal property by emailing your managing broker.

B The property Associate is selling is residential property

C Associate, as the seller, provides the buyer with a Transfer Disclosure Statement. D Associate discloses their ownership interest in the property to the buyer(s).

E Associate provides an Agency Disclosure to the buyer(s)

F

A property inspection is performed on the property by an ACCREDITED HOME INSPECTOR who issues a home inspection report. A Home Warranty is purchased prior to closing.

G Associate MAY NOT represent the buyer(s).

H

All documents used, including, but not limited to, the Purchase Contract, are Association of Realtors approved forms.

I

Associate complies with all other Allison James Estates and Homes requirements for all transactions. (i.e. SkySlope entry and submission, obtains all required documents, etc.)

If requested by Allison James Estates and Homes, Associate shall sign a separate J Personal Property Sales Agreement for the specific property reaffirming the requirements

stated herein.

Initial All

4. FAILURE TO ABIDE. Should Associate close escrow on a personal property not covered under this Addendum or without meeting the requirements set forth in this Addendum, Associate understands that Broker's E&O coverage shall not apply to that transaction and Associate-Liability shall accept full liability for any damages or claims resulting from that transaction. Associate shall indemnifies Broker, doing business as Allison James Estates and Homes, or any other registered dba, any affiliated entity of Broker, doing business as Allison James Estates and Homes, or any other registered dba and its owner(s), managers, affiliates, shareholders, directors, officers, agents, employees, successors, and assigns harmless from and against, and shall reimburse the same with respect to, any and all losses, damages, demands, claims, liabilities, costs, and expenses, including reasonable attorney fees (collective "Losses"), incurred by reason of or arising out of or in connection with Associate's failure to abide by the terms of this Addendum.

I HAVE READ AND UNDERSTOOD THIS ADDENDUM ON ACTING AS A REAL ESTATE AGENT FOR THE PURCHASE OR SALE OF PERSONAL PROPERTY. I FURTHER AGREE TO ABIDE BY ALLISON JAMES ESTATES AND HOMES POLICIES ON THIS MATTER AND UNDERSTAND THAT ANY VIOLATION OF THESE POLICIES MAY RESULT IN A FINE AND/OR TERMINATION AS A LICENSED REAL ESTATE AGENT WITH ALLISON JAMES ESTATES AND HOMES.

Party Associate

Name

Signature

Date

Allison James Estates & Homes PPA 0620

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