THE “BATTLE OF THE BARRISTERS”
Last month, a collective of Realogics Sotheby’s International Realty (RSIR) brokers attended the “Battle of Barristers,” a scholarship fundraiser that brings top real estate attorneys together to debate hot real estate topics. The event, held at the Bellevue Hilton, was attended by RSIR’s Director of Sales Michael Ford and Vice President of Brand Development Jennifer Johnsen, in addition to brokers Laura Halliday, Murat Dabagoglu, Andrea Hakim, Alex Hayes and Barbara Brown. In total there were roughly 500 visitors who engaged in coverage of a variety of real estate topics, a few of which are highlighted below:
Inspections and Pre-Inspections: There are many opinions and positions on pre-inspecting. If a seller pre-inspects, the best policy is to allow and encourage the buyer to have their own inspection. Always put the terms of an offer in writing for your buyer to verify that you have encouraged an inspection even if they waive their right. As a best practice, retain a copy of that confirmation on file for 3 years.
Finance Contingency: An appraisal section of form 22A was discussed and experts recommend to be mindful on the 22A and to get in the habit of sending the notice rather than leaving it to linger until closing.
“In a marketplace where things move quickly and liability is high, it is always beneficial to learn from case studies,” said Jennifer Johnsen, VP of Brand Development. “It is always a best practice to be over-prepared, never fear asking too many questions and become even more educated about your business in events such as this one.”
PSA Line X: The pitfalls of crossing through the second paragraph in this section of a Purchase and Sale Agreement were outlined. The reason not to strike through that line? It protects you.
A few other noteworthy mentions are that a broker should always advise sellers regarding fair housing laws and how they influence decision making processes when it comes to multiple offer situations, that sellers can accept offers prior to a review date, and that legal counsel should always come from an experienced real estate attorney who regularly handles cases within the field.