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Opinion Letter Re: PRDS® Buyer Needs & Wants Assessment Form
PRDS recently revised its Buyer Representation and Broker Compensation Agreement (BRBC). One of the critical changes to the BRBC was including a buyer obligation to inform their broker/agent (collectively and individually referred to as "Agents"), in writing, of the buyer's needs, wants and concerns. The specified, preferred method for buyers to provide that information is the PRDS® Buyer Needs and Wants Assessment form; however, the BRBC authorizes the Parties to use alternative means of documentation, such as emails, to convey the relevant data so as to create flexibility and to prevent a breach of contract claim if the Assessment form is not used.
The following opinion letter was recently sent to SILVAR brokerages, to encourage agents to use the PRDS® Buyer Needs and Wants Assessment form, a copy of which is hyperlinked in the letter, whether or not the brokerage uses PRDS forms.
