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Re:Realtors using residential PA for Comm'l Property (1 viewing) (1) Guest
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TOPIC: Re:Realtors using residential PA for Comm'l Property
#7573
steve (Admin)
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Realtors using residential PA for Comm'l Property 7 Years, 3 Months ago Karma: 3  
I met with a client today that signed a purchase agreement for an apartment building. The purchase agreement was the realtor's standard boiler-plate residential purchase agreement. While such boiler-plate agreements may be sufficient for the purchase of residential real estate, they are deficient on so many levels when trying to use them for the purchase of commercial real estate.

For all those purchasing commercial property through an agent, I highly recommend that you retain a qualified attorney to draft a property purchase agreement, which will include an relevant representations and warranties, often omitted on the boiler-plate real estate agent form.
 
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#7588
GelRon (User)
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Re:Realtors using residential PA for Comm'l Property 7 Years, 2 Months ago Karma: 0  
Good advice. Even for small transactions, a 2 page realtor residential purchase agreement should not be used to purchase commercial property. The realtors shouldnt even be allowed to use or offer to use such agreements. Seems like there would be a ton of malpractice liability exposure for the realtor.
 
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Brian (User)
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Re:Realtors using residential PA for Comm'l Property 7 Years, 2 Months ago Karma: 1  
Sounds like the realtor is engaging in the unauthorized practice of law. That could be very dangerous and potentially litigious if there are disagreements among the parties. Realtors need to know that their responsibility is to bring the buyer and seller together and the attorney is to document the deal and facilitate the transfer. Instead, most realtors see attorneys as putting the brakes on a deal. When in reality, sufficient amount of time needs to be provided so that the parties can properly negotiate the contract terms and conditions.
 
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