Seller and Buyer understand that, in a dual agency relationship, where both Buyer and Seller are represented by the same Brokerage Firm, services which can be provided by the Brokerage Firm and its agents, under Hawaii law, are limited. Brokerage Firm can only act as a neutral intermediary to facilitate the transaction.
Seller and Buyer also acknowledge that Brokerage Firm is not under any duty or obligation to disclose to Seller and/or Buyer any information which may be known by Brokerage Firm or its other agents, but is not known by Seller’s or Buyer’s individual agents. Seller’s and Buyer’s individual agents remain obligated by law to disclose any material facts concerning the property known to them personally.
Buyer and Seller acknowledge that each party has the obligation and responsibility of making his or her own decisions with respect to the terms and conditions to be included in the Purchase Contract. What the Brokerage Firm and its agents CAN do for Sellers and Buyers:
- Treat the Seller and Buyer honestly
- Provide information to Buyer about the property and community
- Respond to questions from Buyer about the property
- Disclose to Buyer, pursuant to Hawaii law, all material facts about the property known to Brokerage Firm
- Disclose to Seller the financial qualifications which have been provided with the permission of Buyer
- Explain real estate forms, terms and procedures
- Listing Agent at Seller’s direction may continue to market the property and solicit additional offers
- Buyer’s Agent at Buyer’s direction may continue to search for and prepare offers on other properties
- Explain closing costs and procedures
- Assist Buyer in comparing financial alternatives
- Provide information about comparable properties so that Buyer and Seller can make an educated decision as to what price to offer or accept
- Prepare the Purchase Contract that will include the standard provisions and disclosures for Buyer and Seller
- Work diligently to facilitate the sale and advise Seller and Buyer when experts (legal, survey, accounting, architectural, engineering, etc.) should be retained.
What the Brokerage Firm and its agents CANNOT do for Sellers and Buyers:
- Cannot disclose confidential information that Brokerage Firm or its agents may know about Seller and/or Buyer (e.g., motivation to
- sell/buy, price/terms, negotiating strategy, etc.), without express written permission of Seller and/or Buyer
- Cannot disclose the price Seller will accept, other than the listing price, without express written permission of Seller
- Cannot disclose the price Buyer is willing to pay without express written permission of Buyer
- Cannot recommend or suggest a price Buyer should offer or pay for the property
- Cannot recommend or suggest a price Seller should accept or counter for the property.
It is strongly recommended that the parties seek legal counsel prior to signing the addendum to the Purchase Contract