Attorney buyer can't read the contract?
I am currently blessed with an opportunity where my listing has been sold to (a gang of thugs) three buyers in
which one of them is an attorney. All throughout this entire process none of the time requirements have been met. Attorney's review lasted 14 days. The home inspection they couldn't be bothered with and decided to go over to the house around the 3rd week. Nothing was given to the sellers as not working or deficient within the contract time frame or even afterwards. Despite constant emails to the buyers agent, they just didn't seem to have the time.
Did I happen to mention that the deal is cash? Can you see what's coming? Well, they decide that they are now going to ask for repairs that they found during the overdue home inspection. Let's bring out the laundry list which includes replacement of burnt out light bulbs. I tell my sellers to respectfully decline any repairs as the buyers did not 'follow the spirit' of the contract.
My input to the whole scenario was 'let's throw the house back on the market' to the sellers attorney. Well finally the whole thing did get hashed out but they wanted a credit. They accepted a credit now for all the repairs to a tune of $1000. That's some repairs and light bulbs.
Bushwhack!
My main point is I will assume that the buyer passed the bar exam because they could read a contract. None of the contract language says anything about 'when you feel like it, give it a read over and get back to us'.
I also think that it should be a mandatory law that buyers disclose they are attorneys. If Realtors® must state (in IL we do) clearly under their signatures that they are licensed, why not attorneys?
Shouldn't we be protecting the consumer (and my seller's wallet in this case) and give notice that you are licensed to practice law?
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
A cash contract with a deposit, large enough to "hurt", helps "explain" the "time is of the essence" clause.
Jan 27, 2013 07:09 PM
Natick, MA
Real Estate Law From A Practical Perspective
Didn't the sellers have legal representation? Unless your laws are different, a written contract should be enforceable, and if dates weren't respected by the buyers, then they may be in default. Where's the Buyer's agent in all if this ? If you tell us that you represented both buyer and seller, then this is a completely separate discussion about why direct deals (dual agency/ double enders, etc.) are not in the best interest of the consumer...
Jan 27, 2013 08:49 PM
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
Excellent point, Lyn - I agree that attorneys ought to have to disclose that they are indeed lawyers, just as we agents must. Sometimes I think that some attorneys don't care that much about the fine print, even though they understand it, because they feel that they can intimidate their way through problems regardless.
Jan 27, 2013 09:00 PM
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279
Full disclosure as we are required! Contracts have dates that must be adhered to! Attorneys know this! They of all people should be paying attention to this.
Jan 27, 2013 09:36 PM
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
I am with Margaret above...if they are required to place a significant escrow then the tendency to comply may be more real...maybe. As for attorneys....this reinforces my opinion of the profession!
Jan 27, 2013 09:51 PM
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Lyn, this appears to be a case where the buyers agent has lost total control over their client. If specific dates in a contract are not met, the buyer is in default.
Jan 27, 2013 10:01 PM
Your Town Realty - Lower Burrell, PA
Pittsburgh Realtor North and East Pgh.
Some Attorneys think THEY are the law and that we have to do what they say regardless of what a contract says.
Jan 27, 2013 10:15 PM
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers
An attorney is just like any other buyer, so don't expect miracles. It is up to the buyers agent to keep buyers on track and if they don't, too bad...
If the terms of the contract stipulate a deadline, why would the seller offer them $1000?
That is no different than if the seller wanted more money because the appraisal came in higher than expected.
The word "NO" is universal and works both ways.
Eve in Orlando
Jan 27, 2013 10:24 PM
Schaumburg, IL
Real Estate Broker Retired
I would like to add that IL does not have the requirement for attorney's to disclose. Most think it is prudent to do so.
The way I found out that the buyer was an attorney was when I asked the buyers agent to press why they were not following the contract. I told them the buyer should contact their attorney & was then flippantly told they were representing themselves (3 buyers).
Michael: Agreed that the buyers became out of control. The buyers agent did not want to press the issue & said I was being 'bossy'.
Gary: Yep.
Paula: I agree.
Brian: I agree as that's exactly what happened.
Martin: Yes they do & the sellers attorney also asked how come they couldn't read the time lines in the contract & it went ignored. I took a harder stance than the sellers attorney in the end.
Wallace: ESQ = I be edjamicated. Better that at least they do notify you but in the end do you really care?
Gary: I understand that all attorneys do not practice real estate but I'm sure that most CAN READ.
Tammie: Not in IL, might check your state to see if they should.
Jan 27, 2013 10:41 PM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Totally agree with you - attorneys should have to disclose that just as we real estate do.
Jan 27, 2013 10:41 PM
Schaumburg, IL
Real Estate Broker Retired
Nancy: Best answer lol! This guy was at the bottom of the class evidently not being able to read at the 2nd grade level.
Christine: Yes, I'm beginning to find that out. I would have handled the whole thing differently from the beginning if I HAD KNOWN.
Kimberly: 3K in EM
Sommers Team: And Realtors have a bad name?
Eve: Don't know. They wanted the sellers to fix things on this laundry list - including a broken mirror in a bar area that was clearly broken when the purchased the home. Sellers attorney decided on the $ amount.
Jan 27, 2013 10:49 PM
people first...then business Ran Right Realty - Riverside, CA
agent & author
I was in court one day when an unannounced attorney decided to represent himself. During his presentation, the fact that he was an attorney came out and the judge let him have it...Sir, you should make a rattling noise before you strike was the the judges remark..I always introduce attonreys who are in the room as such...It does make a difference
Jan 27, 2013 11:07 PM
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine
I am allways wary of buyers & how they like to change things to their favor. They get the feeling they own you especially in a slow market. You have to be aware of who you are dealing with. JIm
Jan 28, 2013 12:11 AM
Keller Williams Realty - Carmel Valley, CA
Realtor, CHMS, CNS
It reminds me of my years as a Massachusetts agent - there attorneys draft a purchase and sale agreement and execute the closing. One attorney in particular would add addenda to the P & S that basically rewrote the boiler-plate standard P & S contract. The other attorney would then spend time and his client's money getting the P & S back to the standard doc that appraisers and lenders looked for. Complete aggravation all around. It's a good thing she was the exception and not the rule!
Jan 28, 2013 12:42 AM
Schaumburg, IL
Real Estate Broker Retired
Richie: Good one lol.
Gena: Yep, the contract re-write, then the re-write back again to almost the same thing.
Jan 28, 2013 03:19 AM
Prudential Starck - Saint Charles, IL
Prudential Starck
Hope this turns/turned out OK for you. As a fellow Illinois guy, this is a bit whacked in terms of disclosure obligations....
Jan 28, 2013 11:04 AM
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa
Wow. I am surprised that the seller had to agree to any repairs! They didn't follow the guidelines/timelines in the contract....too bad. Put it back on the market. I agree that the attorney should have to disclose. Ugh.
Jan 29, 2013 12:12 PM
Schaumburg, IL
Real Estate Broker Retired
Scott: I think it's something that IL should have. Just for these reasons alone.
Karen: The doorbell on the back door also doesn't ring - pretty traumatic huh?
Jan 29, 2013 10:02 PM
RETIRED / State License is Inactive - Portland, OR
I, for one, believe that Shakespeare was spot on when he penned in Henry VI "The first thing we do, let's kill all the lawyers." Enough said!
Jan 30, 2013 05:58 AM
Schaumburg, IL
Real Estate Broker Retired
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