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An integral part of any business is to maintain the privacy of your clients and the subsequent transactions that you take part in. This is especially important in the real estate industry where clients and potential buyers look for realtors, brokers, or potential sellers who can protect their personal information, property, and business transactions. This is where real estate confidentiality agreements come into play.
What is a Real Estate Confidentiality Agreement?
A confidentiality agreement is a legal form or document that binds two or more parties in order to protect all the information or data involving a specific legal transaction for a predetermined period of time. For any kind of agreement to be legal and binding, it has to be written, printed on paper, and then signed by the concerned parties in the presence of a notary public or attorney.
Confidentiality agreements are also called non-disclosure agreements or proprietary information agreements. The specific name of a confidentiality agreement will greatly vary depending on the parties involved.
If a confidentiality agreement is created for a real estate transaction or if a transaction involves the buying, selling, transfer, or auctioning off of a house, building, land, and other real estate property, it is subsequently called a real estate confidentiality agreement. This kind of written business agreement is usually created if the buyer and/or the seller does not want his/her personal or business information to be known or made available to other individuals or entities aside from those he/she is transacting with.
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