6/28/2007

"The Importance of Being Earnest" About Real Estate

The Oscar Wilde play is described as "A Trivial Comedy for Serious People", but in real estate there's hardly anything trivial, if at all. Buying and selling property requires a lot of signing of forms, and it may be overwhelming at the time. But at some point in time, you may well be further considering the meaning of some particular document in retrospect--this is why your REALTOR really has to have you do what he/she needs you to do. It's all for good reason.

Here's a summary concerning what seems like a picky little thing at the time, but you know what they say, the devil is in the details. Trust me, when we ask you to review your documents, and sign certain things on a timely basis, it is what we need to do for you and what you need to do for yourself, and for all parties in your sale. In this 1992 case an agent failed to provide agency disclosure at the proper time, and if you click on the link you can read the case:

Huijers v. DeMarrais -- "It was only at the time of the signing of the purchase contract that the DeMarraises received the agency disclosure statement required to be given to them prior to signing the listing agreement. The purchase contract included a statement that Larson was acting as a dual agent for both buyer and seller."

This failure led to the lawsuit above, its decision upheld by the Court of Appeal of California. It could have been avoided. Agency disclosure has long been required prior to a buyer signing an offer to purchase, or a seller signing a listing agreement. This one-page form describes the agent's fiduciary duties to his/her client and other responsibilities, and the client's signature is acknowledgment that they "got it".

How do you know if you've received everything from your agent you're supposed to have? Click here for the sales disclosure chart.

1 comment:

Freddie Aguilar said...

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