Buying a new home

[cfIfan]

Im going to leave this post because it is just getting ridiculous, but to address your points.

1. NO IT IS NOT A CONFLICT OF INTEREST. A buyer is in the market to purchase a property. It doesnt matter if they buy property 1, property 2, property 3 or any property. I get paid either way when they buy a property. To not disclose a material fact which may lead to a sale being cancelled is unethical and I am quite frankly disgusted you would make a sweeping statement to that effect about any Realtor. If you knew anything about business you would know the real estate business as with many business's is about referrals. If I sell a property to a buyer and dont point out things which may change their mind on the property, then that is going to reflect on my service and reputation. That has a negative effect on my reputation and this buyer likely would not refer my services to family or friends of theirs. So to say their is a conflict of interest is ridiculous and I think anyone reading this can understand that.

2. In terms of drawing up a contract, how do you think we do this. Do you think the contract fairies compile all the infomation and then send it out to the parties for signature. Of course not. We compile all the neccessary infomation and when we have our clients sign the contract we go through each section line by line, pointing out what each section means and what the ramifications would be if they default or do not live up to the contract both on the buyers side and the sellers side. This is pretty self explanatory and is NOT ILLEGAL.

3. In terms of flat fee, there may be attorneys who offer this but with the scare mongering you are attempting to create, this is likely to push buyers or even sellers into thinking well you get what you pay for and perhaps the flat fee services are not adequate enough. Take responsibility for your actions.

4. My point was if the OP was so concerned about needing an attorney, and if they did already sign a contract for purchase, then that advice would have been more beneficial prior to signing a legally binding contract.

Finally in terms of when you say "I think Realtors have their place in negotiating on behalf of their clients. Their place is NOT to give legal advice. Big difference.

Are you really trying to say that you as a realtor and NOT a licensed attorney in the State of Florida can give legal advice? If so, I'm sure the Florida Bar and Board of Realtors would be intersted in knowing this".

If you had an idea about what a realtors job was, you would know that our job isn't just finding properties and smiling on cue. We are required to complete and submit and negotiate contracts which we are REQUIRED to go through with our clients disclosing every piece of information and what is required from them and the other side. That means going through what should happen for example if there is a dispute regarding security deposits and mediation etc etc so our clients are fully informed buyers and sellers. We are also required to have a working knowledge of the title process. Indeed I even said the title company will provide the same info an attorney would because a title company IS ACTUALLY DOING THE WORK. Who do you think underwrites attorneys who are providing title services. The title company (Underwriter).

I have to say this is almost sounding as if you are an attorney because you are recommending that a buyer/seller should hire an attorney to do the work which has already been done by a Realtor and Title agent. In many states title companies are not common place and attorneys are still used, but this is not the norm in Florida. I can understand if the buyer didnt use a realtor and are unrepresented, but that is not what you are saying.

Before I bow out of this conversation, as I said before the OP should do whatever makes them feel comfortable, but becareful of advice that is not founded in fact and people posting who have no idea about the qualifications or requirements of the profession they are bashing.

I wish the OP the best with their new home

Originally Posted by annerk

Then I shouldn't need to explain it to you. You PROFIT from the sale of the home, therefore in reality, YOUR best interest is to see the sale go through. Stopping the sale due to a legal problem (which it would be illegal for you to advise on to begin with) would not be in your best interest. Bottom line, you CAN NOT LEGALLY offer LEGAL advice!



Get real, an attorney charges a flat fee for a real estate transaction, and it's no where near $200 an hour.



Not neccesarily, but you were an attorney, you should know that as well.



I think Realtors have their place in negotiating on behalf of their clients. Their place is NOT to give legal advice. Big difference.

Are you really trying to say that you as a realtor and NOT a licensed attorney in the State of Florida can give legal advice? If so, I'm sure the Florida Bar and Board of Realtors would be intersted in knowing this.

[annerk]

Originally Posted by cfIfan

Im going to leave this post because it is just getting ridiculous, but to address your points.

1. NO IT IS NOT A CONFLICT OF INTEREST. A buyer is in the market to purchase a property. It doesnt matter if they buy property 1, property 2, property 3 or any property. I get paid either way when they buy a property. To not disclose a material fact which may lead to a sale being cancelled is unethical and I am quite frankly disgusted you would make a sweeping statement to that effect about any Realtor. If you knew anything about business you would know the real estate business as with many business's is about referrals. If I sell a property to a buyer and dont point out things which may change their mind on the property, then that is going to reflect on my service and reputation. That has a negative effect on my reputation and this buyer likely would not refer my services to family or friends of theirs. So to say their is a conflict of interest is ridiculous and I think anyone reading this can understand that.

You are missing the point. I do know about the business, I worked in it for 12 years and was published many times over due to my expertise in it. It is not just all about your reputation, but it is also about offering legal advice, which you can not do. Period. And can you honestly say that a realtor will never attempt to pursuade a buyer or seller, even if perhaps it's not in their best interest, in order to close a deal? You can't, beause I've seen it done. That's where an attorney, who gets paid whether the deal closes or not, is the ONLY participant with only the buyer or sellers best interest in mind. An attorney can also help protect their client from a variety of unscrupulous mortgage issues.

2. In terms of drawing up a contract, how do you think we do this. Do you think the contract fairies compile all the infomation and then send it out to the parties for signature. Of course not. We compile all the neccessary infomation and when we have our clients sign the contract we go through each section line by line, pointing out what each section means and what the ramifications would be if they default or do not live up to the contract both on the buyers side and the sellers side. This is pretty self explanatory and is NOT ILLEGAL.

There's a difference between explaining the parts of a contract and offering legal advice on it. You as a so-called former attorney should be capable of understanding the differences. All you can do is read to them, it is illegal for you to make interpretations or to offer legal advice--which it soulnds like youa re doing.

3. In terms of flat fee, there may be attorneys who offer this but with the scare mongering you are attempting to create, this is likely to push buyers or even sellers into thinking well you get what you pay for and perhaps the flat fee services are not adequate enough. Take responsibility for your actions.

HA! I'm not in the industry, I've got nothing to lose. Any REPUTABLE realtor would never try to dissuade a client from seeking outside legal representation. What are you trying to hide?

It's obscene to tell someone spending tens or hundreds of thousands of dollars that they shouldn't have a lawyer look at their contract. Seriously, outside of commercial contracts, how many attorneys charge hourly for real estate transactions? In all my years I've never heard of such a thing for a routine residential transaction. YOU are the one scare-mongering.

4. My point was if the OP was so concerned about needing an attorney, and if they did already sign a contract for purchase, then that advice would have been more beneficial prior to signing a legally binding contract.

I agree, but even so, they should talk to an attorney before they close. A simple contract review will seldom cost over $100. A very low price for peace of mind.

Finally in terms of when you say "I think Realtors have their place in negotiating on behalf of their clients. Their place is NOT to give legal advice. Big difference.

Are you really trying to say that you as a realtor and NOT a licensed attorney in the State of Florida can give legal advice? If so, I'm sure the Florida Bar and Board of Realtors would be intersted in knowing this".

If you had an idea about what a realtors job was, you would know that our job isn't just finding properties and smiling on cue. We are required to complete and submit and negotiate contracts which we are REQUIRED to go through with our clients disclosing every piece of information and what is required from them and the other side. That means going through what should happen for example if there is a dispute regarding security deposits and mediation etc etc so our clients are fully informed buyers and sellers. We are also required to have a working knowledge of the title process. Indeed I even said the title company will provide the same info an attorney would because a title company IS ACTUALLY DOING THE WORK. Who do you think underwrites attorneys who are providing title services. The title company (Underwriter).

I know exactly what a Realtor does. And they do get involved with contract negotiations of course--that's the main focus of what they do, as most people get too emotionally involved with the process and need that nuetral party to intervene. But, they can not render a legal opinion on whether a contract is binding, valid, legal, or otherwise. To do so would be practicing law without a license.

You can hire an attorney to review the contract only. I've done that in the past.

I have to say this is almost sounding as if you are an attorney because you are recommending that a buyer/seller should hire an attorney to do the work which has already been done by a Realtor and Title agent. In many states title companies are not common place and attorneys are still used, but this is not the norm in Florida. I can understand if the buyer didnt use a realtor and are unrepresented, but that is not what you are saying.

I am not an attorney nor do I work for one. I have no iron in this fire--unlike you. I have nothing to hide. I just strongly suggest that anyone making that type of an investment cover their bases--and that includes having an attorney review the contract. If you are ethical, you'd have no problem with a client doing so, and would even encourage it.

[ernbar]

Gentlemen, I really appreciate your input and opinions. No need to get into a heated debate over this. As for an inspector, can someone recommend a reputable one?