Did you know? AAR offers forms that help educate consumers while also protecting you from liability. This article focuses on three: the Buyer’s Acknowledgement Statement, Buyer’s Term Waiver Acknowledgement, and a Wire Fraud Prevention Notice.

Note: This article is for information only and is not intended as legal advice. If you need legal advice, please contact a qualified attorney.

AAR’s Buyer’s Acknowledgement Statement, Form 5.1, is suggested for use with all buyers. It helps educate the buyer about key terms and ideas, such as various types of inspections, earnest money, foreclosure, and more. It can serve as a reference for the consumer if they forget information about a covered topic. The buyer must sign the form, acknowledging that they’ve received it and that you’ve answered their questions.

AAR’s Buyer’s Term Waiver Acknowledgement, Form 5.2, is meant to be used when the buyer makes a choice you don’t recommend, such as offering a purchase price over the list price or proceeding without an inspection. The Buyer’s Term Waiver Acknowledgement helps highlight the importance of the buyer’s choice and can help protect you from liability by serving as documentation that you reviewed the potential risks with the buyer.

New Form! AAR’s new Wire Fraud Prevention Notice, Form 1.10, can be used with all consumers. It provides information about common types of real estate fraud, including wire fraud, what to do if fraud is suspected, and how to get in touch with you.

If you have questions about these forms or any other AAR Form, please contact the Legal Line.