Advice for New Agents | The Other "L" Word in Real Estate: LEGAL
We all know the real estate mantra of:
Location, Location, Location
But, there is another "L" word that is even more important for new agents to grasp:
Legal, Legal, Legal
Everything -- E-V-E-R-Y-T-H-I-N-G -- in real estate is defined by one, simple "L" word: LEGAL
Everything is legal binding . . . including "Location." The "Where Is" clause comes to mind.
Terms and conditions are nothing more than: legal terms and legal conditions of the purchase and sale.
The "law" of agency relationship - the 'whom represents whom' is based on the common law of real estate agency relationship. FIDUCIARY DUTIES are paramount, and . . . legal! Can we can "breach of fiduciary duties?"
Everything about real estate is a legal concept.
- The transfer of title, the offer of sale
- The listing agreements
- The purchase agreements
. . . all are legal documents and while "location" may be the emphasis of buying or selling a property, the legal ramifications are throughout the entire process, whether buying or selling.
The listing agreement is a contract which is legal and binding. My advice to new agents: READ IT!
The purchase agreement is a contract whichis legal and binding. My advice to new agents: READ IT!
The deed, the loan documents, the addenda . . . yup, all legal and all binding. My advice to new agents: READ IT!
While real estate agents are not licensed to practice law, we are licensed to complete real estate documents, understand real estate law, and represent our clients. This representation is a LEGAL concept as well. We are licensed as real estate agents . . . License law dictates!
------------>My advice to new agents: READ your states statutes on real estate agency license law!
There are rules and regulations in your MLS membership. READ THEM!
There are Zoning laws. KNOW WHAT THEY ARE!
There are State Statutes to licensing. READ THEM!
There are contracts (listing agreements, buyer representation, etc.) READ THEM!
There are Codes of Ethics as a Realtor®. READ THEM!
Further reading:
Contract Law 010 . . . err . . . I Mean 101
Zoning Laws . . . The Hidden Governing Factor
Portland Real Estate Questions: What is Earnest Money?
Portland Real Estate Questions: What is an Escrow Hold-Back?
Courtesy, Common Partice and Contractual -- KNOW the Difference!!
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