I don't mean to beat a dead horse, so please let me know if I should avoid posting further regarding dual agency.
Following my two previous questions on this subject... another interesting twist is that the owner of the condo is himself the listing agent and the owner of the listing firm. He is using a different brokerage firm. The brokerage agent originally identified the condo for my mom.
In addition, I reviewed the CT Dual Agency / Designated Agency Disclosure Notice and Consent Agreement. It states that "CT law allows Brokerage Firm to be a dual agent, but only after both Buyer and Seller... understand what dual agency is and consent to it." Although my mom signed the agreement, she clear did not understand what dual agency is.
I look forward to your comments!
No reason to have any agent. Look at you closing statement and see if you want 6% in your hand....cash...free money.
I have read all the previous answers and the only thing left is to encourage your mother to contact an attorney who will guide her and protect her interests.
I don't see what else any of us can do further since we are not involved in the process and are not privy to all the documents that were signed.
Good luck and let the agents, who were very generous with their thoughts, know the outcome.
Candace Lipira
Hi again Mrcprc,
It is perfectly fine that you continuing asking here on Trulia whatever is on your mind!!
I found the condo listing on the Multiple Listing Service ("MLS") and see on there that the Agent, in accordance with MLS membership rules, did state "Owner/Broker" to alert all who view the MLS data of that potential conflict of interest fact. You'll want to check, or have your mother's real estate attorney you eventually choose, to see that it was also disclosed along with the purchase agreement documents.
As to the Dual Agency disclosure, you did say your mom "signed it". Realtors are not lawyers, so you or her feeling she "did not understand it" is a post-signing issue and should now be a discussion item for you two with the broker and/or a real estate attorney.
Wishing you a satisfactory outcome,
Ralph
Minna makes a very valid point below.
However, having read all the questions on this you posted, it appears that there is mistrust, or at least concern, about the actions of the agent.
Your mother needs to speak with her attorney. She should have a real estate attorney handling the closing for her. Speak with that attorney, address your concerns, and listen to the legal advice you receive.
Buying a home is stressful. There seem to be some great concerns here. Address them with the attorney so that you can then determine how best to move forward.
Good luck!
I dont know if you've discussed this with the agent. Before pursuing litigation on this, if your mother wants out, you should approach him with your concerns and explain you'd like to get her out of the contract. If I were this particular agent, I would much rather let the buyer walk than get into a legal dispute where I would be accused of taking advantage of an elderly lady with poor language skills.
It sounds like you have a pretty good understanding of CT's agency laws at this point. If the agent is also the owner/seller, this too must be disclosed in writing.
The 2 questions seem to be:
1. Does your mother want out of the contract?
2. Does she, or you, feel that she has been treated unethically or fraudulently?
If she wants out, simply ask for a recission of the contract. If the seller/agent is not amenable to that, then ask your lawyer to find you a way out using the terms of the contract.
If the answer to #2 is yes, then talk to your lawyer about the best course of action.
Either way, you should be speaking to a good RE lawyer ASAP. The more time that goes by, the stickier things can get.
Get an attorney - that way you will have someone who understands the legalities properly and will give you your best course of action should you wish to withdraw from this offer.
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