Page 11 - Boca Club News - April '21

Boca Club News, Page 11
Legal:

How Realtors Serve Home Buyers and Sellers

By Michael J Posner, Esq., a partner the listing from a seller is commonly referred to as the may be available for purchase are shown on the Internet, and
in Ward, Damon, Posner, Pheterson Listing Agent. The buyer’s Realtor, who is being paid by the having an agent can sometimes mean special access to these
& Bleau, P.L. a mid-sized real estate Listing Agent, is known as the Selling Agent or Cooperating pre-listed properties. Having this access can be crucial in
and business-oriented law firm Agent (despite representing a buyer and being sometimes very hot markets, when there are too many buyers chasing
serving all of South Florida, with erroneously referred to as the Buyer’s Agent). A true Buyer’s too few houses for sale.
three offices in Palm Beach County. Agent is an agent who represents, and is being paid solely The crucial step is finding the right Realtor to hire. Using
They specialize in real estate law and by, the buyer. This type of representation is rare, mostly online reviews, and sales history plus experience, is the key
can assist sellers and purchaser with done for high-end buyers looking for very specific types in finding the right real estate agent. For a seller, choosing
closing and financing of residential of properties, and for whom the extra expense is worth the poorly can lead to a slow sale, lower offer, and a difficult
and commercial real estate including remote closings. charge. closing–and for a buyer, it can mean missed opportunities,
They can be reached at (561) 594-1452 or at mjposner@ Traditionally, a Realtor was the agent for the client, poor service and bad referrals (like lenders, surveyors and
warddamon.com whether it be the buyer or seller. This imposed certain the like).
Before the Internet, the American real estate sales obligations on the Realtor, including a fiduciary duty to
market was dominated by the multiple listing service (MLS) the client and strong limits on the agent’s interactions with
process, which is owned and run by local boards of Realtors, the buyer or seller whom the Realtor did not represent. Medical Matters from page 10
such as the local Palm Beach Board of REALTORS . A Today, most Realtors operate as transactional agents, and
®
seller would hire a licensed real estate agent to list the therefore do not represent either the buyer or seller. They After months or even years, a posterior capsule opacity
property for sale, and this information would be placed act as professional assistant to all parties, providing services may occur in about 10% of patients. This can readily be
in the MLS, which system provides detailed information such as preparing offers from buyers and assisting sellers in treated with a laser. Rarely, the replacement lens may
about a specific property for sale. Only licensed Realtors responding to such offers. This reduced liability still means be dislocated, producing blurred vision and a second
have access to this information, meaning that buyers were that the transactional agent must act in good faith and use operative procedure needed to reposition the lens. Retinal
entirely dependent on Realtors to gain knowledge and access fair dealings with all parties. detachment is very rare, resulting in a significant loss
to a majority of properties available for purchase. Buyers get access to the properties listed in MLS through of vision and flashing lights. This must be promptly
The history of the MLS goes back over one hundred their real estate agent without any fees or cost. However, a recognized and treated, usually successfully with a laser.
years to the late 19th Century, when local Realtors would new trend is a small transaction fee being charged to buyers In some cases, cataract surgery is not feasible due
gather at their local real estate boards to share information by their real estate agent (usually between $295 and $395). to other eye conditions. Some correction of vision can
about the properties they were trying to sell. A Realtor could This fee, in part, relates to the costs imposed on real estate be achieved in these people with prescription glasses or
go it alone, hoping to find a buyer and keep the full sales brokers who are required by law to file and store all real contact lenses. There is no urgency as cataracts don’t harm
commission, or a Realtor could offer the other Realtors in estate records for at least five years. the eyes, and any delay in surgery will not adversely affect
the local board a share of the commission in exchange for In addition, many houses listed in the MLS use a lockbox the ultimate vision result once the cataract is removed.
them bringing buyers to their listing. system for access. Only a Realtor can get the code (or use an However, there are a significant number of patients who
As part of the MLS system, the listing agent invites electronic unlock device) to gain access to a listed property. require corrective lenses for astigmatism and for reading.
other agents to make offers on their listed properties and A buyer can get to see multiple properties faster with his or There are preventative measures that can be utilized.
contractually agrees to pay them a commission, usually her own real estate agent, rather than having to get several Discontinue smoking and limit alcohol to no more than
fifty percent of the full commission. As stated, buyers have listing agents to open up each different property the buyer two drinks a day, achieve good control of Diabetes,
no access to this information, and therefore they must hire a is interested in viewing. wear sun glasses to block ultraviolet rays, control blood
Realtor to help them find a property with the understanding The system still works the same today, though many pressure and eat a healthy diet with anti-oxidants as found
that they will be paid by the listing agent and not by the buyer. buyers simply browse the Internet until they see a house in fruits and vegetables, which are good for eye health in
This system is what dictates the terminology for the they are interested in, and then they get their real estate agent general.
Realtors involved in the transaction. The agent who has to show them the property. However, not all properties that

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