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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54020
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I am considering a purchases of a home in Colorado and I am

Customer Question

I am considering a purchases of a home in Colorado and I am curious about real estate law. The sellers broker wants to represent both parties and I am wary of this . He also referred me a a real estate atty and I am wary of using his atty as there may be a conflict of interest. He assures me he is working for me but? There have been a number of issues with the process re: no disclosure from the sellers and I do not know what to do. I live in another state so I need advice. Thank you
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Colorado
JA: Has any paperwork been filed?
Customer: No I have given 5000 earnest money but have only received a improperly filled out online contract which I have not electronically signed yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: Yes there is no survey. There is an ILC but no survey. Also a home inspection showed alot of electrical issues which the agent has told me will be checked today by local electric company that their broker hired
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Richard replied 1 month ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 month ago.

You are absolutely right in being concerned. First, the thing to remember about real estate brokers is that they are worried only about making sure the transaction closes so they can get paid their commission. So, even if you get your own real estate agent, you want to remember that. Second, if the seller's broker is also trying to represent you, there is absolutely a conflict on interest. A conflict of interest is a situation in which a person or organization is involved in multiple interests, one of which COULD POSSIBLY corrupt the motivation of the individual or organization. The presence of a conflict of interest is INDEPENDENT of the ACTUAL occurrence of impropriety. Rather, a conflict of interest is a set of circumstances that CREATES A RISK that professional judgment or actions regarding a one interest COULD BE UNDULY INFLUENCED by a second interest. This is clearly the situation in your case. This is clearly the case with a broker trying to represent both the buyer and the seller. Third, you really want to engage a real estate lawyer to help you with the contract and the closing, including carefully reviewing the title commitment regarding exceptions to title. And, I would avoid engaging the lawyer recommended by the agent because it's likely their relationship is ongoing and the lawyer is going to know that if he/she wants to continue to get referrals, he/she better make sure your deal closes.

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