Contract — Pages 10–11: Confirmation of Agency, Buyer Disclosure & FIRPTA

📖 2 min read

Section 9 of the Buyer Contract Training course. This lesson walks through pages 10–11 — confirmation of agency, buyer disclosure & firpta. Open the RPA PDF below and follow every line reference as you read.

Buyer Broker Info

• Make sure to complete Lines 6–10 fully. Line 9 is YOUR phone number. Line 10 is your email.
• If you have an interest in the property, Lines 12–17 are for you to disclose.

Expiration

• ALWAYS have an expiration unless it is an open offer. You can have it 1 day (if H&B that day) — to be reasonable, normally 3–5 days.
• Once expired, the Buyer is off the hook and does not need a rejection. If the seller signs after expiration, it is up to the buyer to proceed.

Seller Broker Info, FIRPTA, Acceptance

• ALWAYS fill out all seller broker info — Lines 6–10 — fully.
• Line 18 — FIRPTA: if disclosed, advise the buyer of FIRPTA rules. Basics: Title withholds a % of seller proceeds and pays the IRS. The Buyer has a form to file with their taxes that year but is NOT liable for any money — it is a simple disclosure in their taxes on behalf of the FIRPTA seller.
• Line 31: Awesome — you’re accepted and opening escrow.
• Line 34: Review counter with Buyer — accept, reject, or counter back.
• Line 36: Move on or re-offer.
• Once a contract is FULLY executed (accepted or fully executed counter), that is DAY 1 of escrow for contingency — not when EMD is delivered.