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We are buying a townhome from a "corporation." By googling, we found out that the corporation is owned by just one person. We googled him and found out that he is a real estate agent in the same office as the selling real estate agent. Googling him more, we found out that he works at or owns the loan office. Also, the escrow company is owned by the same real estate office that is selling the home. We like the house and they gave us a good deal, but we are worried that the same person is wearing most of the hats in this transaction. Should we be worried? We are thinking to maybe pull out of the deal but don't want to over react.
Thank you for you advice.
Has everything been disclosed beyond you finding things out yourself? An agent must ALWAYS disclose his relationship in a transaction. He must state he has an interest in the property. If you mean he owns the mortgage company you're getting a loan at, then he should disclose that too. If you are closing at an escrow company that he owns, he must disclose.
When you walk into a builder's model home and they put the contract in front of you, one of the first forms they have you sign is a form showing all the hands they have in the transaction from the mortgage company, escrow company, and even the insurance company.
Find out why this wasn't disclosed to you so you can feel comfortable moving forward.
Last edited by FalconheadWest; 10-05-2015 at 08:41 PM..
The selling agent is not the owner, but they work in the same office.
Nothing was disclosed to us, we found out all these things by looking ourselves. We have an inspection on Wednesday and the agent said he will bring all the property disclosures on Wednesday.
The selling agent is not the owner, but they work in the same office.
Nothing was disclosed to us, we found out all these things by looking ourselves. We have an inspection on Wednesday and the agent said he will bring all the property disclosures on Wednesday.
By law it must be disclosed when a property is owned by someone in a real estate office, be it the broker or the agent.
It is possibly there were disclosures available and the agent just did not make them available, and now is trying to make up for his/her mistake. Many new agents would not have even known they had to make the disclosures before you made the contract.
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