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 Dear George: If I'm selling my property by myself and a REALTOR® shows up with a client who wants to buy my house, would that REALTOR® be entitled to a commission?
Answer: That is between the REALTOR® and his client, the buyer. The terms of the representation agreement they signed deals with the situation if you, as an owner selling the property without agent representation, choose to not pay the REALTOR®. If that occurs, usually the buyer pays the REALTOR®'s commission, and the buyer will often take into consideration that added cost when making an offer on a property.
Dear George: I'm breaching my contract to purchase a home. I secured a no-income verification loan with a lender, but the job I intended to take fell through. I'm unable to close and am trying to get the bank to issue a letter stating that it's not funding the mortgage because I don't have a job. What am I liable for?
Answer: Unless Paragraph 4A(2)(a) in TREC form 20-7 is checked, and the Third Party Financing Condition Addendum was included and the blank in the addendum's first paragraph contained a sufficient number of days from the effective date of the contract to comply with the seller's written notice provision, lack of employment is not a contingency in the contract. The provisions contained in Paragraph 15, Default, of your contract apply, and you are liable for specific performance and damages or you could lose your earnest money. It is the seller's choice. You need communicate with the seller or his agent and hope that he chooses to terminate the contract and receive the earnest money as liquidated damages. His other choice is to enforce specific performance, seek such other relief as may be provided by law, or both.
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Dear George: I want to buy a condo and am pre-approved at the bank. I was going to sign a contract with the seller, but I didn't understand what I was reading. Should I get an attorney's advice? How much does an attorney cost?
Answer: Yes, you should hire either an attorney or a REALTOR®. Legal fees vary from law firm to law firm. If you hire an attorney, interview at least three attorneys, briefly state what you want, and ask each one for an estimate of how much he thinks it will cost. The same procedure goes if you hire a REALTOR®.
Dear George: I recently closed at a title company. The seller was not available, so the durable power of attorney was signed. The deed was recorded, but not the durable power of attorney, and it was not property specific. Is this a defect in the title? Should the deed be re-recorded with the durable power of attorney? Or would it be better to have a correction deed signed by the seller, since the seller is now available to sign?
Answer: If the title company issued the policy, it is going to indemnify you if there is any failure of title. Title companies seldom create title problems. As long as the title company is solvent and reputable, there shouldn't be a problem.
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