Stay Out of Real Estate Jail: Your Lifeline to Real Estate

Please forward this Buzz to your colleagues, and post on LinkedIn, Twitter, Facebook and any other social media if you feel it has merit. See registration information below. We are a real estate family and even though we are a competitive family,. We are family who work together to everyone's advantage. I was teaching at the Real Estate Boards the past few weeks and there was one very serious question everyone was concerned about. I have checked with our Authorities and also I want to thank a number of my colleague Managing Brokers that weighed in on this issued. We all appreciate your assistance and confirmation on how this would be handled.

Our licensees are in a counter offer and the 2 licensees are chit chatting and then come to a mutual agreement verbally. Then one of the licensees e-mails or texts the other licensee that they will sign and accept the counter and forward the signed contract in the morning. Now the tricky part - they have all agreed by e-mail or text and told the sellers and buyers that it is a deal [no signatures on the contract yet] and then another offer comes in and the sellers want to take it since it is better or higher?

They have already said it was a go either by text or e-mail? They made a verbal deal? There's no such thing and any "deal" would not be enforceable in BC. I wish members would not do this. If they tell their client "they have a deal" based on a verbal what happens if the other side changes its' mind before signatures are obtained? No deal, that's what, and I suspect one of the clients is not going to be very happy. Article 6 - Realtor Code requires contracts to be made in writing, etc.

I doubt Council would be pleased with this practice either.

Who knows what a court would do? A copy of each final agreement shall be furnished to each party upon their signing or initialing, and shall be dealt with in accordance with the instructions of the parties involved. They all agree with the answer above from our Authorities. Get the Contract signed immediately. I like the old fashion sign on the Contract of Purchase and Sale. With text or e-mail you have no idea who is sending it, could be a kid or spouse.

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I am not a lawyer but I don't think in any way This book is nothing like that, there is no pretense of living on the "easy street", Barbara talks about how to do things RIGHT. At first it does feel overwhelming, I bookmarked a whole bunch of pages but in the end, she provides templates and samples so I could see exactly how a contract and other forms should look.

Stay Out of Real Estate Jail

I went to her site and it was like a godsend, she had all the forms in Word for me to download. I got the forms and I'm ready to get busy.

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One person found this helpful. I have worked in the homebuilding industry for many years. We have realtors on staff all across the spectrum - from seasoned veterans to those who have just begun their careers. As ongoing training, one of the things that we do is recommend books for them to read to stay current.

This is one of those books. Barbara Bell-Olsen has taken her knowledge from years in the business and turned it into a comprehensive guide that can help anyone in real estate navigate the treacherous waters of things like: With examples throughout and some great resources included, I highly recommend this useful guide no matter where you are in your real estate career.

Barbara makes some good suggestions and shares her real world experiences behind them. The checklists are a welcome bonus. Will be helpful for both newer and experienced agents. See all 3 reviews.

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