Here at the Law Offices of Daniel Pizarro, I’m a licensed real estate attorney serving Seattle, WA and surrounding areas. I offer a full range of legal services for property owners, tenants, and real estate investors, including landlord/tenant disputes, contract law, and judicial foreclosures and redemptions. I pride myself on having legal knowledge and experience that matches the more expensive Seattle-based and national competitors.
Today we’re going to look at a few real estate myths that could get you in big trouble.
- Myth: The agreement is not binding until I sign the escrow instructions. Actually, the offer and acceptance together constitute a binding agreement. The escrow instructions are nothing more than the term implies – they are instructions to escrow based upon the offer and acceptance.
- Myth: If I list my property for sale, I don’t have to sell it. I can always change my mind. The truth is, most listing agreements require that you pay the broker a commission if they present you with a buyer who is “ready, willing and able” to pay the full price for the property.
- Fact: I do not need an attorney to represent me in a purchase or sale of real estate because the broker and escrow will take care of everything. While it is true that brokers have fiduciary duties, they are not attorneys. By law, they are not allowed to give you legal advice. Because both your listing agreement and the offer and acceptance are binding legal documents it is prudent to retain a competent attorney to look over the documents before you sign them.