Real Estate Buyers and Sellers (sale, attorney, homes)

[mcp6453]

After a seller accepts an offer on his home and the closing is scheduled, is there any legal reason that the buyer and seller cannot speak directly to each other? I'm not asking whether it's a good idea or whether it's bad advice.

I know we have a lot of Triangle real estate agents in this group. I ask here because different communities have different opinions. This question is particular to the Triangle area.

[MikeJaquish]

It depends on the agency agreements.
There is no overriding legal reason, IMO, but if the agreement states that all communication will be via the agent, that may be binding on the party.

The NCAR Buyer Agency Agreement Standard Form 201 states:
"...Buyer agrees to conduct all negotiations for such property through Firm, and to refer to Firm all inquiries received in any form from other real estate firms, prospective sellers or any other source while this Agreement is in effect."

[mcp6453]

Originally Posted by MikeJaquish

The NCAR Buyer Agency Agreement Standard Form 201 states:
"...Buyer agrees to conduct all negotiations for such property through Firm,"

That provision doesn't apply here. There are no further negotiations.

"...and to refer to Firm all inquiries received in any form from other real estate firms, prospective sellers or any other source while this Agreement is in effect."

That provision is to protect the agent's commission. Again, it doesn't apply here.

Thanks for the information.

[MikeJaquish]

Originally Posted by mcp6453

That provision doesn't apply here. There are no further negotiations.


That provision is to protect the agent's commission. Again, it doesn't apply here.

Thanks for the information.

You misunderstand the content I posted. All of agency agreements is not all about the commission.
The provision protects the client as much as the agent.
Client says one thing, agent says another, or client spills the beans, and the client has undermined the agent and weakened their own bargaining position.
I have had clients keep me from working well for them by going to a FSBO and saying, "I know you won't pay my real estate agent." That is a pretty hard slope to slide back up....

And, talking to the other side is always a negotiation opportunity. Always.

[BoBromhal]

You've asked for a legal reason, but I'm not an attorney. Further, my Code of Ethics prohibits me from providing advice to the client of another Realtor.

[RedZin]

Originally Posted by mcp6453

After a seller accepts an offer on his home and the closing is scheduled, is there any legal reason that the buyer and seller cannot speak directly to each other? I'm not asking whether it's a good idea or whether it's bad advice.

I know we have a lot of Triangle real estate agents in this group. I ask here because different communities have different opinions. This question is particular to the Triangle area.

No. Not to my knowledge. That said, I think it's a bad idea.

I wouldn't want to talk to a buyer, nor would I want to talk to the sellers... unless this was a FSBO situation.

What would be the point?

Any questions either party has to ask can be asked through a realtor.

[VickiR]

When buying and selling, emotions run high sometimes.

In most cases I've experienced, my buyers don't WANT to talk to the sellers and my sellers don't WANT to talk to the buyers. However, we can still go the closing table and have everyone happy.

In new construction, it works a bit differently. My buyers have conversations with the onsite agent but I am usually copied on all the correspondence. It works to the advantage of my buyers if I am there to hear what they hear in the event they misunderstand or the onsite agent gives them wrong information.

[mcp6453]

Originally Posted by RedZin

Any questions either party has to ask can be asked through a realtor.

I assume you meant real estate broker.

[RedZin]

Originally Posted by mcp6453

I assume you meant real estate broker.

Real estate broker, realtor, buyer's agent, seller's agent... whatever you want to call the person you hired to help you either buy or sell a home.

Hell, you could ask a real estate lawyer, I suppose, to act as an intermediary.

My point is, I'd rather HAVE an intermediary.

I would never want to talk to a buyer. Or to the sellers if I was a buyer.

Unless we had a FSBO deal set up and we'd been communicating from the start.

[Thr3stripe]

Originally Posted by mcp6453

After a seller accepts an offer on his home and the closing is scheduled, is there any legal reason that the buyer and seller cannot speak directly to each other? I'm not asking whether it's a good idea or whether it's bad advice.

I know we have a lot of Triangle real estate agents in this group. I ask here because different communities have different opinions. This question is particular to the Triangle area.

There is absolutely no legal reason why the two parties cannot speak with each other. Given that I have sold 3 different homes on my own, with no realtor involvement, I NEEDED to interact with the other party quite often between the time of agreement and closing.

Plus, the OP did not qualify in what context the buyer and seller would potentially talk. It's conceivable that the two could actually be acquainted with each other, or work together, or be relatives. They could talk about anything, and not necessarily about the sale of the home.