Rules for Agency Disclosure in Commercial Real Estate Transactions

A New Modern Commercial Building for Sale or Lease

Commercial real estate brokers are required to follow a rigorous series of disclosure requirements that have traditionally been applicable only to residential brokers. These rules mandate that the broker’s role as an agent of a party in the sale be disclosed, and that written consent be obtained in the case of dual representation. These requirements, which resulted from a revision of the term “real property” to include commercial property in the statutory law, represent a significant departure from prior practice in commercial real estate transactions.

Disclosure requirements. According to the disclosure law, the listing agent for a commercial property must provide the disclosure form to the seller or landlord before entering into the agreement. The selling agent is required to submit his disclosure form to the seller or the landlord in a timely manner before presenting the seller or landlord with a purchase or lease offer. Last, the selling agent should provide the required disclosure form to the buyer or tenant prior to execution of the purchase offer. The only exception to this rule is when the purchase offer is prepared by another party other than the selling agent, in which case, the disclosure form must be presented to the buyer or tenant no later than the following business day after the selling agent receives the offer from the buyer or tenant.

Dual Agency. In addition to the requirements above, commercial brokers must comply with certain rules when acting as dual agents for buyers and sellers, as well as for landlords and tenants. A commercial broker acting as a dual agent is not permitted to disclose to the buyer that the seller is inclined to sell the property at a lower price than the listing price without the written consent of the seller. Conversely, a commercial broker is not allowed to disclose to the seller that the buyer is inclined to purchase the property for a higher price than the listing price without express written consent.

Form requirements. The statute provides specific language for the front of the commercial real estate broker’s disclosure form, which details the obligations of the seller’s and buyer’s agents, and the nature of the broker relationship when the agent represents multiple parties in the same transaction.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Rules for Agency Disclosure in Commercial Real Estate Transactions

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