Today's episode is all about how attorneys & brokers become power duos on deals. In this show, Nancy shares a story about a contract she recently received from a buyer that was a major risk for her seller and why she believes every seller needs a broker and attorney on land deals.
Today's episode is all about how attorneys & brokers become power duos on deals. In this show, Nancy shares a story about a contract she recently received from a buyer that was a major risk for her seller and why she believes every seller needs a broker and attorney on land deals.
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Today, I just wanted to jump on really quickly to talk about a couple things that I'm seeing in my business that's gaining my attention and making me a big concern. Whether you are a landowner, or you know someone who owns land, I just like to share some of these things, please, I think they're important to talk about. So last week, I received a contract on a listing that I have on the market, from what appears to be a legitimate company, out of another market, making a bid or an offer on this property. Only when the contract came in, it had the Board of Realtors logo for the state of Florida at the top of the contract, and the words vacant land contract. So it led us to believe or led me to believe that the contract was a form contract from the Board of Realtors. But as I got through really even just the first page, because I'm quite familiar with that form contract, I recognized and realized really quickly, that what I was reading was not the Florida Association of Realtors, vacant land contract, but instead a private contract that had been created by someone else that is associated with that buyer, either the buyer did it, or someone on their team did, or an attorney. Not that that's really irrelevant. What is relevant for me is that right away as a broker, that got my attention pretty quickly, and it made me question the ethics behind the buyer. Now, I don't like to pre judge too quickly. So what I'm doing now is is really educating my seller on my concerns regarding the different clauses in the contract itself, I cannot give legal advice, I am not a licensed attorney in the state of Florida. However, as their broker, I can sound the alarm and suggests that they do seek out legal, legal insight and legal commentary on some of these clauses and educate them on what I believe is normal and not normal. But in all of my years of experience, almost two decades, I am here to tell you, I've never had this happen to me before where a contract had a logo from the Board of Realtors on the top of it. And it wasn't that. So it made me to take a step back, I've been thinking about it everyday sense. And I saw I just wanted to get on and talk about the likelihood of people using documentation or farm contracts or other contracts, either knowingly or unknowingly in a way that could get buyers and sellers into trouble. I am really mostly concerned about sellers who maybe don't have legal representation, or that don't have broker representation that might not see this as problematic. But I could tell you and having gone through that entire contract, that wasn't the only thing that concerned me, there was a significant amount of conflicting information from paragraph to paragraph. And also terminology. So it just really made me realize the value that I bring to a deal to be able to say to a seller, hey, this does not look legitimate, hey, please get your attorney to review this. And hey, I'm concerned. But what I'm really here to say is if you are selling a piece of land, and you've happened to come across my podcast, and you're listening to it, or you know me, just really pause and take a moment as to understand what has been presented to you. So that you have a much stronger just foundation of what the terms are in a deal. And if you do not have broker representation, please by all means a good attorney is worth every penny, you will pay them to review your documents. And I even say further, a broker and an attorney is like a power duo on a deal. Because whether it's the deal that I'm talking about, or another deal, I can't even tell you how many times I've reviewed things in the negotiation process and caught things that made me just a little bit uneasy, or that I had recognized that I wanted to make sure that the attorney on the deal was addressing or helping their client understand because we're quite frequently land sellers don't they don't sell land every single day. So there's just things in a deal that you might not be familiar with. And I'm just here to pass on that information. This podcast is not legal advice, but what I'm saying is In my business, I'm strongly suggesting that every seller of property if they get an unsolicited contract and they do not have broker representation, to please pause and at least consider hiring an attorney to help you. Thanks for listening today. there's anything else I can help you with. If you're selling a piece of property, please do not hesitate to reach out to me and asked me questions and love to help you going forward.