Buying FSBO Property as an Agent in Atlanta, Georgia

[Joe Fernandez]

I ran into my potential first deal this weekend and some questions came up regarding how to handle transaction.

I'm an active agent, and I would like to purchase a FSBO property. (the seller specifically said they didn't want an agent)

Would I just represent myself and the FSBO seller go without representation? Or would they NEED representation because I'm an agent? My broker does not allow dual agency, so I can't represent both of us.

I want to use the GAR contracts for my protection, and go through my broker (flat fee broker - I'll pay the transaction fee). I can simply waive all commission, thats not a problem.  But I'm unsure of the GREC rules on this type of transaction.  I know I need to disclose I'm an agent in all paper work and in writing to my broker, also not a problem.

I've asked around and the rules are not clear for this scenario.  I want to make sure I'm not breaking any Laws.

thanks for any help anyone can provide.

[Nick Fitzpatrick]

Joe,
I would clear the question by your broker but you've got the right idea.

Write up the contract on a GAR form include the following:
1)Under buyers relationship (item 11a) check the first box that you are representing buyer as a client. In item 11b, leave that blank. Under 11c write that buyer is a licensed real estate agent in the state of Georgia and include where license in held.
2) Write in a special stipulation that you are licensed agent in GA. (Redundant but you've made it clear.)
3) If the seller wants, you can write a special stipulation that there isn't a commission and that seller is not represented.

You'll end up handling most of the transaction yourself, which is fine since you know what to do and the seller may or may not. The transaction fee is between you and your broker.

Hope this helps.