do you really need a realtor (state, years)

[Brandon Hoffman]

Originally Posted by Bob The Builder

RE agents are not lawyers. They only pretend they are when it suits them. Most talk the company book which puts a positive spin on everything they do.

I once sued some Coldwell Banker guys who spun stories about their CCIM training. When sh&*&t hits the fan, RE pretend they can't tie their shoes and know nothin' 'bout nothin'

Nor have we ever claimed to be. When it comes to knowing about homes, selling, marketing, mortgages, inspections, timelines, Realtors know more than attorneys.

When it comes to contracts, title questions, and legal information, we recommend you talk to an attorney.

[olecapt]

In many western states RE Agents practice law for a limited set of tasks. That is how it is. Not in the east though.

The skills that lawyers bring to RE varies widely. In the west only a few lawyers are as skilled as a seasoned agent at RE contracts and such. I know of a couple who I use. But the average lawyer will not be up to the task. You need the specialists who are not so easily found.

In fact the best way I know of to find a good residental RE Lawyer is to ask your Agent.

I know a number of people who are competent to buy RE for their own account and do not have a strong need for an agent. I know others who have no business going out of their house without an agent escorting them. The OP would appear to be of this class

[Captain Bill]

We can draft contracts, and draft clauses, etc. And that is providing we are doing that for a real estate transaction that we are involved in.

If Uncle Joe is buying a property without representation from a FSBO and asks me to draft the contract, or some clauses, I must refuse. I cannot even verbally help him with a contract. If I did, then I would be practicing law with a license. I can only draft contracts/amendments, etc, while I am excercising my real estate license in a real estate transaction where I am representing either the buyer or seller.

[TimtheGuy]

...and "drafting" these contracts usually consists of filling in the blanks.

[Chinolala]

Originally Posted by Brandon Hoffman

That's cool and all, but read the OP. He's a buyer, not a seller.

My mistake, sorry

[2bindenver]

Originally Posted by TimtheGuy

...and "drafting" these contracts usually consists of filling in the blanks.

True. But the skill in drafting an offer is in orchestrating the details.

There are some fields that are "dates" but in our CO contracts they are not in sequential order, so what's first? then what? How do you minimize the risk for yourself, if you don't know what you don't know?

Other fields are just blank. Sales and Use tax? Transfer tax?

What about Additional Provisions? What would be good to include here, that would be particular to the needs of this party in this transaction?

[olecapt]

Originally Posted by TimtheGuy

...and "drafting" these contracts usually consists of filling in the blanks.

And what is it that you think lawyering consists of?

[Captain Bill]

Originally Posted by TimtheGuy

...and "drafting" these contracts usually consists of filling in the blanks.

Wonderful Tim, you've just passed the state real estate exam, and you're qualified to hang your license with a broker. Now, the broker is not going to train you. However, you can sign up for mentorship at a fee of $12,000 for one year.

That is in addition to paying the broker a monthly fee to hang your license there, and whatever split of commission play you agree on.

You decide to decline the one year mentorship program because you don't want to pay the $12,000. Now you have to learn about real estate on your own.

On your first trips out, you run into these situations. Unfortunately these are not covered by "fill in the blanks" in the contract. Consequently, you must write the necessary addendums for these simple scenarios:

1. Buyer makes offer on home (A)
Seller of Home (A) is making an offer on House (B).
Seller wants sale of home (A) contingent on sellers offer being accepted on house (B) Unfortunately there are no blanks in the contract to fill in for this scenario.

2. Buyer makes offer for a home, with a 12 hour time limit. Sellers' spouse is not in town. Seller wants to accept but spouse must sign and will not be available for 24 hours. This is a community property state. Write an addendum to Save the deal.

3. Here is an all cash sale. Lucky you. The buyer wants an appraisal requirement. Damn, there are no blanks to fill out int he contract for this scenario. Write the addendum.

4. Write a clause for an escrow hold-back for repairs.

5 Instead of a CMA, the client requests that you issue a Broker Professional Opinion of Value. Write the language for one.

6 Write an agreement with a FSBO seller to sell their home to your buyer client, prior to submitting a purchase agreement (offer to purchase)

7. Write an Exclusive Listing Disclaimer for a client who wants an Exclusive Listing as opposed to an Exclusive Right to Sell.

8. Client wants you to take an installment note for half the commission. Other half is to be paid at closing. Write the note.

9. Buyer wants seller to carry back some or all. Write a seller carry back disclosure.

10 Buyer client wants you to present offer direct to seller and agent. Sellers agent refuses. Write an offer presentation attendance right for your buyer to sign.

11. Write an Option to Purchase agreement.

12. Write a preposession for repairs or renovation agreement.

13. Write a prepossession for personal property agreement.

14. Write a prepossession agreement

15. Write a holdover rental agreement for after the close of escrow.

16. You're making a listing presentation to a prospect. Anything that prospect tells you is not confidential until you sign a listing agreement and become the agent. The prospect requests, prior to you giving the presentation that you write and sign a listing presentation non-disclosure agreement. No agreement - no presentation - no chance of getting the listing. Write one.

You were fortunate and ony ran into these 16 scenarios during your first 6 months. The broker is willing to give you some guidance, but she is not willing to become your mentor for free. Either you will have to learn to take care of these scenarios on your own, or the broker may have in their working agreement with you, the option of requiring you to take the mentorship; or; Sayanora baby.

The other franchise that I just signed on with has that clause, and they mean it. They do not intend to baby-sit agents.

[gbugmiami]

I bought my house FSBO. It was from a friend of mine and we are on good terms. I did pay a real estate attorney for 2 hours. I did all the inspections and anything anyone with a brain would do. The title company handled most of the rest? If you have a simple deal, you should be able do do it yourself. If there are complications with the deal, you should talk to an RE attorney, they can guide you in the right directions. Asking strangers on a website from various states with conflicting laws, not so much. The only problems we ran into with my sale were (caused by, and resolved by) the title company. My deal was with a friend however, and it was smooth and simple. If you get caught in a bad position somehow, you will wish you had someones help.

[Brandon Hoffman]

If real estate is so easy, why do over 80% drop out within the first 2 years? That's my only question. I'm done with this thread now. It's dragged on too long as it is.