Why does a real estate agent need to disclose his/ her ownership interest when listing a property?

[kevcrawford]

Originally Posted by jbiggs

Don't sign it unless he gives you half the cost of the home as a rebate! Why bail him out when he was obviously trying to break the law? Sounds really shady to me and if you agree now you will most likely get a nasty surprise later! If he wants you to bail him out then make him pay!!!

Extortion. Good answer. Legal too.

It's not mandatory in many places to disclose on the MLS. He's disclosing BEFORE they close the deal, and he just wants proof that the buyer knows this. In the litigious society we live in, we need to get everything in writing.

If you're fine with it, sign it and close. If you're not, don't close and kill the deal.

[jbiggs]

Originally Posted by kevcrawford

Extortion. Good answer. Legal too.

It's not mandatory in many places to disclose on the MLS. He's disclosing BEFORE they close the deal, and he just wants proof that the buyer knows this. In the litigious society we live in, we need to get everything in writing.

If you're fine with it, sign it and close. If you're not, don't close and kill the deal.

OP,

This is certainly an interesting answer. As noted in the statement above if your closing is being held up by not signing the document then it is being held hostage. This would fit the description of extortion!

Before you sign make him pay the price for his mistake! If consumers will not hold the real estate professionals accountable they will either never learn and/or continually try to skate by violating any required laws, rules, etc.

[Brandon Hoffman]

Originally Posted by jbiggs

OP,

This is certainly an interesting answer. As noted in the statement above if your closing is being held up by not signing the document then it is being held hostage. This would fit the description of extortion!

Before you sign make him pay the price for his mistake! If consumers will not hold the real estate professionals accountable they will either never learn and/or continually try to skate by violating any required laws, rules, etc.

I've always thought that making people angry that you have to work with an excellent way to make progress.

[jbiggs]

Originally Posted by Brandon Hoffman

I've always thought that making people angry that you have to work with an excellent way to make progress.

So what you are saying is that the consumer, whether a buyer or seller, should have to worry about a supposed professionals feelings? Buying and selling a home is a business transaction and should be treated as such. In a business transaction there is no place for your feelings as that approach is what gets people scammed!

If this used home salesperson made an honest mistake they will not make it again if they are provided a sufficient lesson to go with it. If this used home salesperson was trying to do something illegal or unethical then they need to be reamed for it! When approaching a business deal if people leave their feelings out of it then the dishonest will pay!

OP,

If you have any doubts then write a description of the incident down and email it to your states real estate commission with the questions you have. Make sure that you put all names, dates, and details in it. If the used home salesperson is running a scam the licensing agency will not only answer you but now have a record of it.

[kevcrawford]

Originally Posted by jbiggs

OP,

This is certainly an interesting answer. As noted in the statement above if your closing is being held up by not signing the document then it is being held hostage. This would fit the description of extortion!

Before you sign make him pay the price for his mistake! If consumers will not hold the real estate professionals accountable they will either never learn and/or continually try to skate by violating any required laws, rules, etc.

You're obviously very misguided and trying to come off as knowing more than you actually do. None of us know the real story behind any of this. You're just interested in seeing a Realtor thrown under the bus, when in fact, they may have done everything by the book. You seem intent on "making them pay" but you really have no idea of the details and come across as hateful and childish.

Whether things have been done correctly or not is up to the buyer and the brokers to decide. If they buyer feels like they've been wronged, they should, and probably could legally cancel the deal, which ISN'T extortion.

YOU'RE response to the OP, however, IS extortion. And it's childish.

Without knowing all the facts (as you don't), it's hard to say that someone's in the wrong.

[2bindenver]

I get the feeling due to the inflammatory posts and the misinformation, JB won't be with us much longer...

Nevertheless, if the listing broker has an ownership interest or maybe acquires an ownership interest, then that should be disclosed to any other interested party.

This disclosure is to in effect, level the playing field. You always want you advocate to be as knowledgeable as the one on the other side. It's like bring a butter knife to a gunfight.

When I find that a licensed attorney are on the other side, I get a notice for my client to sign that says the other party is an attorney in the state of Colorado, and it is in their best interest to interview and hire a local real estate attorney to protect their interests.

We, as licensed Real Estate Broker/Salesman, try very hard not to give legal advice on this forum, as we are not lawyers. A lot of the questions that are posted on this forum are legal questions.

If the OP wants to know if they should sign a form saying the listing licensee has an ownership interest in the house and told the potential buyer, they should call their licensee or attorney.

In Colorado, I can also write on the form that it was presented at a certain location and include the date ans time and that the customer refused to sign - and it's deemed good enough.