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In NY areas of Long Island, NYC, Westchester, Rockland etc.. REal Estate lawyers most definitely do draw up and negotiate the contract. Upstate areas use the realtor contract. That is not the practice downstate. I am a real estate paralegal for a law firm down here and in my 20 years have never had an agent draw up the contract, that's the Sellers attys job.
I'm with lisanicole on this. I'm a real estate attorney on Long Island. In downstate NY, the sellers' attorney almost always prepares the contract, and sends it to the buyers' attorney for negotiating language.
Not to muddy the waters for you, but what the agent has done appears to be contrary to New York licensing law.
He cannot simply pronounce himself as a Dual Agent--he needs to get the informed consent of both parties in writing prior to acting as a Dual Agent. This is also the way it is in Michigan and many other states. In some states Dual Agency is simply prohibited altogether.
Here are a few quotes from the link I have provided from the New York Department of State, Office of General Counsel:
"A real estate broker is strictly limited in his or her ability to act as a dual agent: As a fiduciary, a real estate broker is prohibited from serving as a dual agent representing parties with conflicting interests in the same transaction without the informed consent of the principals."
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‘Therefore, a real estate agent must prove that prior to undertaking to act either as a dual agent or for an adverse interest, the agent made full and complete disclosure to all parties as a predicate for obtaining the consent of the principals to proceed in the undertaking."
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"In a purchaser/seller transaction in which dual agency arises, the agent must not only clearly explain the existence of the dual agency issue and its implications to the parties, the agent must also obtain a written acknowledgment from the prospective purchaser and seller to dual agency."
It is obvious that you didn't understand any of this prior to him becoming a "Dual Agent", even if you happened to sign something hidden in a document. This is not to say that your purchase can't work out. I'm simply pointing out that you need to be wary of this agent. The agent should also go back to basic real estate school. I suspect that he could be severely reprimanded by state authorities if they knew of his practices.
Hmm this is very interesting..
I will definitely take precaution with him.
I think he's leveraging the fact that I'm a first time home buyer and that I don't know much about real estate - that's why he just said that he's a dual agent..
I should still be fine as long as my lawyer is good right?
Not to muddy the waters for you, but what the agent has done appears to be contrary to New York licensing law.
He cannot simply pronounce himself as a Dual Agent--he needs to get the informed consent of both parties in writing prior to acting as a Dual Agent. This is also the way it is in Michigan and many other states. In some states Dual Agency is simply prohibited altogether.
Here are a few quotes from the link I have provided from the New York Department of State, Office of General Counsel:
"A real estate broker is strictly limited in his or her ability to act as a dual agent: As a fiduciary, a real estate broker is prohibited from serving as a dual agent representing parties with conflicting interests in the same transaction without the informed consent of the principals."
<>
‘Therefore, a real estate agent must prove that prior to undertaking to act either as a dual agent or for an adverse interest, the agent made full and complete disclosure to all parties as a predicate for obtaining the consent of the principals to proceed in the undertaking."
<>
"In a purchaser/seller transaction in which dual agency arises, the agent must not only clearly explain the existence of the dual agency issue and its implications to the parties, the agent must also obtain a written acknowledgment from the prospective purchaser and seller to dual agency."
It is obvious that you didn't understand any of this prior to him becoming a "Dual Agent", even if you happened to sign something hidden in a document. This is not to say that your purchase can't work out. I'm simply pointing out that you need to be wary of this agent. The agent should also go back to basic real estate school. I suspect that he could be severely reprimanded by state authorities if they knew of his practices.
Same in Florida.
That's how I bought my condo.
Very strict statutes on it just like you posted. We all had to sign forms. Seller, buyer and agent.
Hmm this is very interesting..
I will definitely take precaution with him.
I think he's leveraging the fact that I'm a first time home buyer and that I don't know much about real estate - that's why he just said that he's a dual agent..
I should still be fine as long as my lawyer is good right?
Your words bolded are like...famous last words LOL.
Just sayin'...
I never used a lawyer that I didn't find errors and SERIOUS ones.
Caveat emptor.
Real estate?
I was signing my life away at settlement, and the lawyer was handing me paper after paper, which, of course I READ.
We get to the mortgage rate document (new construction)...
LOW AND BEHOLD the rate was 10% for 30 years.
BUT my locked in rate was 8% for FIFTEEN YEARS.
My blood was boiling. The ONLY thing he had to get right.
I told him "Go back to the office, you're fired."
My entire settlement was delayed.
And he was charging $250 per hour in 1986! A very large PA firm that my father used for his large business. Not some newbie out of college. The same clowns used to try and bill me for hours talking on the phone when I had to CALL TO CORRECT THEIR ERRORS. LOLOL yeah, right.
Stay calm but be on strict alert about everything.
That's why I didn't have any problem with using Dual Agent. Can't have been any worse than these guys and it all worked out fine, actually.
BUT I would never say that to someone else, especially someone without experience. ALWAYS HAVE AN ATTORNEY.
In NY areas of Long Island, NYC, Westchester, Rockland etc.. REal Estate lawyers most definitely do draw up and negotiate the contract. Upstate areas use the realtor contract. That is not the practice downstate. I am a real estate paralegal for a law firm down here and in my 20 years have never had an agent draw up the contract, that's the Sellers attys job.
Guys who should I mortgage with?
I'm not sure if I should go with Citibank or a private bank (lower interest rate).
I'm conflicted! I want to go with a private bank b/c of the lower interest but I heard they're notorious for hidden fees and whatnot.
I would recommend a local mortgage broker or small local credit union. And a loan officer who answers their own phone and email, even on weekends. I would NOT recommend a big national company and a complex phone system that makes getting ahold of your person when needed difficult.
You should not have to worry about hidden fees... these days, lenders are required to give you disclosure statements at every decision point that shows all the charges and fees.
Ask your RE agent friend for a recommendation for good, responsive, local lenders.
I've submitted our board application and the board is currently reviewing it.
I've decided to go with Citibank for my mortgage.
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