Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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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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