Real Estate Laws Issues You Need To Care About

It's common for buyers, sellers, and even brokers to ask for the help of a real estate attorney. If you're not sure whether you require counsel when dealing with a property, you may want to consider these five issues that often come up.

Misrepresentation and Fraud

When selling a place, it's important that you provide full and faithful disclosure of everything about the location. That can be tricky because issues with properties are often numerous and not simple to outline.

Do not assume that a building inspection covers all the bases. Inspectors cannot provide legal guidance regarding disclosures. Contact a real estate attorney and have them read all representations you make, especially those made in writing, on websites, and in advertisements.

Fiduciary Responsibilities

Folks in the real estate work often see themselves as facilitators who bring people together. This often isn't a big deal because buyers and sellers may see their interests as aligning perfectly. Unfortunately, there are situations where it's a broker's job to represent the interests of just one side. While there might be more money in it for the broker to get two sides to play nicely, they may have a fiduciary responsibility to whoever hired them.

If you have doubts about whether you might be acting with a double agency, talk to a lawyer right away. You may need to disclose your role working with both sides, and it may even be necessary to withdraw from a deal to guarantee you don't step over a line.

Antitrust Rules

Anyone whose work is extensive enough that they operate within a larger market runs the risk of being accused of messing with the market. This includes brokers, buyers, and sellers who are involved in large transactions or who have dealt with numerous ones. Remember, the goal of everybody in the market should be to facilitate competition.

Contractors vs. Employees

Especially at brokerages and property management companies, there can be real questions about who qualifies as an employee and who is eligible to be an independent contractor. It's not as simple as handing a salesperson a 1099 form and calling it a day, and you should straighten out exactly what your relationship is with your agents and employees before you put them in contact with the public.

Settlement

Few things are bigger pains than settling sales. A real estate attorney can help you document things, get signatures, and file paperwork to conclude a sale.