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How do I Complete Form 326 - Multiple Representation, Buyer Acknowledgement & Consent Disclosure Form?

Updated

Though Zolo discourages its agents from engaging in multiple representation, it's important that you understand how to complete the required disclosures if you do engage in a multiple representation transaction.

This article provides guidance on how to complete Form 326, the required disclosure for your buyer client. Please make sure to also consult this article for a full list of your obligations in multiple representation transactions.

 

Follow these steps to complete the form:

  1. At the top, enter the buyer's name, your brokerage, and the property address

    326 1.png

  2. Review the definitions and interpretations with the client and make sure they understand.

    326 1.png

     

  3. Have the buyer initial the bubble that fits your specific situation:
    • Multiple representation and brokerage representation:  This applies when a brokerage operates under a 'brokerage representation' model. In this model, every agent is assumed to have knowledge of every client. If the brokerage represents both the buyer and seller—even with two different agents—it’s multiple representation
    • Multiple representation and designated representation: This occurs when the brokerage operates under designated representation, and assigns a specific agent to a specific client. Under this model, you are required to maintain confidentiality and act in the best interest of the client.  However, if you are the designated representative for both the buyer and the seller in the same transaction, you enter into multiple representation and you must initial this bubble
    • Multiple representation and designated representation and brokerage representation: This applies when one party is under designated representation and the other is under brokerage representation. For example: You are the Designated Representative for the buyer, but the seller is being represented by the brokerage as a whole without a specific designated agent.

    • Multiple representation and competing buyers: have your client initial here when you are the designated representative for multiple buyers competing for the same property.

      326 2.png

       

    1. Have the client initial the "consent for multiple representation" bubble.

      326 4.png

  4. Sign and date at the bottom, and have the buyer sign and date as well.  

    326 5.png

     

    Here is a video demonstration:

     

     

     

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