ACKNOWLEDGEMENT AND HOLD HARMLESS AGREEMENT

Posted by dagmar | |

                    ACKNOWLEDGEMENT AND HOLD HARMLESS

               The undersigned acknowledge and agree that_________________________, “Real Estate Agent”, is not a licensed mortgage broker or loan originator.  Pursuant to O.C.G.A 7-1-1000, only a licensed mortgage broker or loan originator may negotiate the terms of any mortgage which includes short sales.  However, a Real Estate agent may discuss the terms of the transaction and communicate between the parties to facilitate the short sale transaction. 

       A Real Estate Agent may facilitate a short sale transaction.  Facilitation may include but is not limited to:  status reports, providing general information about the condition of the property to the short sale lender and, passing along information to the parties which includes assisting the seller with forwarding completed forms and information to the short sale lenders. 

     The undersigned acknowledge that the Real Estate Agent’s scope of representation is defined in a brokerage agreement.  The scope of representation does NOT include negotiating a short sale transaction which includes but is not limited to subordinate lien/payoff negotiations, forbearance agreements, and negotiating terms of the short sale agreements.  The undersigned acknowledge and agree that said Real Estate Agent is NOT an expert in tax matters, credit implications, deficiency issues, and all other matters as they relate to a short sale transaction.    

         The undersigned acknowledge and agree that it is in their best interest to seek out professional advice for legal and tax matters as they relate to a short sale transaction.  A Real Estate Agent is NOT acting as an attorney, CPA, or tax attorney and should not be relied upon as such. 

     The undersigned agree to indemnify and hold harmless said Real Estate Agent from any loss which arises out of facilitating the short sale transaction.  The undersigned acknowledge and agree that they have not relied upon any advice, representations or statements of said Real Estate Agent regarding short sales.  Further, the undersigned waive and shall not assert any claims against said Real Estate Agent or their Broker regarding any advice or action in regards to a short sale transaction. 

                                This _____ day of ________________, 2010.

                                                                                                _________________________________

                                                                                                Real Estate Agent

                                                                                                _________________________________

                                                                                                Purchaser/Seller

                                                                                                __________________________________

                                                                                                Purchaser/Seller

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