Page 25 - Boca Club News - December '23

Boca Club News, Page 25
Legal: How Realtors Serve Home Buyers and Sellers

By Michael J Posner, Esq., a partner Listing Agent, is known as the Selling Agent or Cooperating The crucial step is finding the right Realtor to hire. Using
in Ward, Damon, Posner, Pheterson Agent (despite representing a buyer and being sometimes online reviews, and sales history plus experience, is the key in
& Bleau, P.L. a mid-sized real estate erroneously referred to as the Buyer’s Agent). A true Buyer’s finding the right real estate agent. For a seller, choosing poorly
and business-oriented law firm Agent is an agent who represents, and is being paid solely can lead to a slow sale, lower offer, and a difficult closing–and
serving all of South Florida, with by, the buyer. This type of representation is rare, mostly for a buyer, it can mean missed opportunities, poor service and
three offices in Palm Beach County. done for high-end buyers looking for very specific types bad referrals (like lenders, surveyors and the like).
They specialize in real estate law and of properties, and for whom the extra expense is worth the
can assist sellers and purchasers with charge. A Free Opportunity
closing and financing of residential Traditionally, a Realtor was the agent for the client,
and commercial real estate including remote closings. whether it be the buyer or seller. This imposed certain For Animal
They can be reached at (561) 594-1452 or at mjposner@ obligations on the Realtor, including a fiduciary duty to
warddamon.com. the client and strong limits on the agent’s interactions with
Before the Internet, the American real estate sales the buyer or seller whom the Realtor did not represent. Lovers ...
market was dominated by the multiple listing service (MLS) Today, most Realtors operate as transactional agents, and
process, which is owned and run by local boards of Realtors, therefore do not represent either the buyer or seller. They Now Feed 6 Shelter Dogs and Cats
such as the local Palm Beach Board of REALTORS . A act as professional assistant to all parties, providing services
®
seller would hire a licensed real estate agent to list the such as preparing offers from buyers and assisting sellers in Every Day at No Cost to You ...
property for sale, and this information would be placed responding to such offers. This reduced liability still means in Less Than a Minute ...
in the MLS, which system provides detailed information that the transactional agent must act in good faith and use with just “Click”
about a specific property for sale. Only licensed Realtors fair dealings with all parties.
have access to this information, meaning that buyers were Buyers get access to the properties listed in MLS through Want to feel really good about yourself? If, like most
entirely dependent on Realtors to gain knowledge and access their real estate agent without any fees or cost. However, a of us, those TV announcements bring tears to your eyes
with photos of sad shelter dogs and cats in small cages,
to a majority of properties available for purchase. new trend is a small transaction fee being charged to buyers hoping somehow to be brought into loving homes – when
The history of the MLS goes back over one hundred by their real estate agent (usually between $295 and $395). you wish over and over again that you could somehow
years to the late 19th Century, when local Realtors would This fee, in part, relates to the costs imposed on real estate bring joy into their lives, here is an act of loving kindness
gather at their local real estate boards to share information brokers who are required by law to file and store all real that will cost you absolutely nothing ... and take less than
about the properties they were trying to sell. A Realtor could estate records for at least five years. a minute a day.

Visit the website: www.theanimalrescuesite.com and
go it alone, hoping to find a buyer and keep the full sales In addition, many houses listed in the MLS use a lockbox click on the words “Click here to feed a dog or cat.” A
commission, or a Realtor could offer the other Realtors in system for access. Only a Realtor can get the code (or use an “button” will appear on your screen, and all you have to
the local board a share of the commission in exchange for electronic unlock device) to gain access to a listed property. do is click on it once. Each time a person clicks on that
them bringing buyers to their listing. A buyer can get to see multiple properties faster with his or button, the website’s sponsors provide bowls of food,
As part of the MLS system, the listing agent invites her own real estate agent, rather than having to get several free, to feed 6 dogs and cats.
That’s all there is to it. In only seconds each day, you

other agents to make offers on their listed properties and listing agents to open up each different property the buyer can see to it that 6 animals are fed. The folks who run
contractually agrees to pay them a commission, usually is interested in viewing. the website never bother you with tons of promotional
fifty percent of the full commission. As stated, buyers The system still works the same today, though many e-mails. You can, if you wish, click on a link that sends
have no access to this information, and therefore they must buyers simply browse the Internet until they see a house a daily reminder to you. I did that; the reminder is
hire a Realtor to help them find them a property with the they are interested in, and then they get their real estate agent e-mailed, and that is it. No hard-sell follow-ups. And if
you realize how good it will make you feel to be able
understanding that they will be paid by the listing agent and to show them the property. However, not all properties that to do at least something for these poor, loving creatures
not by the buyer. may be available for purchase are shown on the Internet, and who are there through no fault of their own (some have
This system is what dictates the terminology for the having an agent can sometimes mean special access to these been rescued from abusive owners), imagine how even
Realtors involved in the transaction. The agent who has pre-listed properties. Having this access can be crucial in bowls of food will help make the animals feel better.
Please take just seconds a day to lift 6 animals’ spirits
the listing from a seller is commonly referred to as the very hot markets, when there are too many buyers chasing ... and your own. Thanks.
Listing Agent. The buyer’s Realtor, who is being paid by the too few houses for sale.