15.3 Agent Owned Property

Any property in which you have, or will acquire, an ownership, financial, or other legal interest, either wholly or partially, is “Agent-Owned Property.” The purchase, sale, or lease of Agent-Owned Property are transactions that need to be completed with the brokerage, unless otherwise agreed in writing. You must generally comply with the same contract, disclosure, and other requirements for Agent-Owned Property as with other transactions. The Company’s E&O Insurance Policy governs insurance coverage of the sale or purchase of any Agent-Owned Property. In any sale, purchase, or lease of Agent-Owned Property not covered by the E&O Insurance Policy, you shall be solely responsible for costs of defense, settlement or judgment on any claim, suit, or action of any nature arising there from, regardless of whether you handle the matter as Company business or as your own personal transaction. In the event you are selling or purchasing Agent-Owned Property, you must:

1. Notify your Manager in advance.

2. Obtain, in advance, your Manager’s approval of all marketing material and disclosure documents; any purchase contract provisions prior to their execution; and any correspondence or other writings that pertain to the purchase or sale.

3. Not act as the listing agent on the sale. You must list any Agent-Owned Property with another salesperson in the office.

4. Not represent buyers or prospective buyers in the sale of Agent’s Property.

5. Notify your Manager immediately in the event that any of the Company’s agents writes an offer on your Agent-Owned Property.