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One of the great benefits of having a real estate license is the advantage of building personal wealth through the sale and purchase of real estate. However, these transactions place both eXp Realty as well as the agent/owner at a greater risk of litigation due to the nature of rehabbed and flipped property transactions. In addition, by the mere fact that a Seller or Buyer is a licensed Realtor, you are held to a higher standard and subject to higher incidences of litigation and claims. Therefore, the policies below are intended to protect both the agent owner, eXp Realty, and all of our agents and stockholders.
Agent-Owned Property Transaction Guidelines
Agent must be in good standing with the company (current on all invoices)
Under NO circumstances can the agent represent the buyer and cannot act as an intermediary in the sale of their own property.
Ownership is defined as Agent, Agent’s business or Agent’s spouse on the title.
All forms must be state approved with full and accurate signatures & dates.
A completed Seller’s Disclosure notice must have all signatures, dates & initials.
The buyer must have a home inspection done by a licensed inspector (if licensing is a requirement in the state in which the property is located) or submit a written waiver of such. A copy of the inspection, along with all addendum and/or amendments must be part of the file. If Buyer waives the right to an inspection, the buyer must sign the Waiver of Inspection.
Buyer will be made aware that they may purchase a residential service contract (home warranty) for the property via the Owner/Agent Disclosure of Personal Interest.
Agent may buy and sell a total of three (3) personal transactions per anniversary year. (Please communicate with your DMB should you have questions)
$250 Transaction fee, $25 Broker Review fee, $40 Risk Management fee
Agents may exempt 3 personal transactions per anniversary year
Agent’s name, Agent’s spouse’s name, or Agent’s company name must be on contract.
Ownership must be disclosed in all marketing materials, MLS, advertising & stated in Special Provisions of the contract regardless of what percent of interest is owned by the agent.
Buyer must sign an ownership-interest disclosure notice as well as an agency representation disclosure.
The transaction is subject to no less than the minimum commission and fees payable to eXp Realty as reflected in the policies and procedures manual.
Agent is required to turn in a copy of the full closing disclosure and copies of any commission checks.
Personal transactions do not pay out upline revenue share.
Personal transactions are exempt from mentor fees (Does not count towards the 3 transaction requirement)
Any work completed on the property that requires a permit shall be done by a licensed bonded and insured contractor. Agents shall not complete any major repairs on a property they own and sell.
Agents shall not enter into a contract to sell or flip a property until the agent holds title to the subject property after a conventional closing thereon. Agent agrees that agent shall never act as a "middleman" in a real estate transaction.
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