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What should I look for in the Short Sale Listing Agreement?

It is often advisable to speak to a real estate lawyer or short sale attorney prior to executing a listing agreement even if you are using a real estate agent currently. Listing Agreements can vary from location to location and from one office to the next. There are some onerous and harmful terms in these agreements depending on the forms. One of the most important provisions of the short sale listing agreement is the Short Sale Addendum. This addendum needs to be reviewed carefully to ensure if the short sale is not approved by the bank/lender with a full waiver of the balance of the debt, the seller can terminate the short sale listing agreement without liability for commissions and other amounts. Remember, not all commissions and other fees are contingent on the sale closing, some are due even if the real estate agent finds a short sale buyer. This is one main area where the guidance of a real estate lawyer can prove to be significant in a short sale. Remember, in most real estate transactions the real estate agent does not represent your interests alone unlike a real estate attorney. Often the real estate agent is acting as a transaction broker representing both sides of the short sale to a limited capacity. Sellers and Buyers are often confused in this regard. A real estate attorney can help protect the Seller or Buyer both from the other side and the agent. A short sale attorney does not work on commission and therefore may more interested in the protection of his or her client than closing the sale and having commissions paid.

Contact Tiller & Rivera Law P.A. today to discuss your short sale options with West Palm Beach short sale lawyer and real estate attorney.
Main Office: West Palm Beach Satellite Offices: Stuart Palm Beach Gardens Fort Lauderdale

Short Sales


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