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Is it legal for a realtor to lend the deposit for a house…

Customer Question
Is it legal for...

Is it legal for a realtor to lend the deposit for a house that he will be receiving a commishio on

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New jersey

Lawyer's Assistant: Has any paperwork been filed?

Yes a sale was done

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The person was a relative

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
11/24/2017
Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,609
Experience: Just Answer consultant at Self employed
Verified

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Customer reply replied 7 months ago
ok
Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago

Thank you for your patience;

I am unable to locate any statute or case law that specifically addresses this; while there is substantial case law about conflict of interest and realtors, this specific situation is not addressed in the research.

Normally conflict of interest cases involve dual agency where the realtor represents both buyer and seller; or where the realtor has an interest in a property or specific area that would be impacted by any development and fails to disclose that to their client.

With conflict of interest rules so long as full disclosure is made and the client gives informed consent the court will typically allow the transaction to stand, so long as there does not appear to be any undue influence.

As for down payment issues with lenders, most lenders will not authorize a loan when a down payment is the result of a third party loan (this causes the buyer to be over leveraged) and if this disclosure is not made that would present a fraud issue.

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Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

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