Insulating Against A Law Suit

Generally most of my posts are adaptable to sales in any industry. Today I am specifically addressing real estate sales. If someone practices real estate very long, they will face legal issues; especially if they sell a lot of real estate. There is a very simple explanation for it too. It’s impossible to please everyone, and especially, if you represent both the buyer and the seller. In this type situation the buyer feels like the seller took advantage of them, while the seller feels like the buyer took advantage of them. As a Realtor® who is wedged between both parties thinking the agent showed partiality to the other party in the transaction. To complicate matters worse, in a typical real estate sales transaction there are numerous entities that have specific requirements and guidelines that must be followed.

Managing Your Risks

Generally most of my posts are adaptable to sales in any industry. Today I am specifically addressing real estate sales. If someone practices real estate very long, they will face legal issues; especially if they sell a lot of real estate. There is a very simple explanation for it too. It’s impossible to please everyone, and especially, if you represent both the buyer and the seller. In this type situation the buyer feels like the seller took advantage of them, while the seller feels like the buyer took advantage of them. As a Realtor® who is wedged between both parties thinking the agent showed partiality to the other party in the transaction. To complicate matters worse, in a typical real estate sales transaction there are numerous entities that have specific requirements and guidelines that must be followed.

In most real estate sale transactions there are two separate agencies involved. 

More times than not one agency will have the listing and represent the seller while the other agency will represent the buyer. [Read more…]

Real Estate Buyers – Know What You’re Signing

“AS IS” Term Can Cost You A Fortune

Real Estate Agent Didn't Tell Me

My Realtor Didn't Tell Me

I don’t mean to scare anyone but as a real estate educator, trainer, and coach, I feel a responsibility to everyone that might buy real estate in Alabama sometime in the future that you should be told about your legal rights and obligations. If you are former students of our school you should also know your fiduciary responsibilities to disclose this information to all your clients. If you are currently a Realtor® in Alabama you need to understand the seriousness of this issue too.

Two words, “As Is” are very small words but they can impact you for life. When buying real estate in Alabama, if the words “As Is” are used in the purchase agreement (sales contract), [Read more…]