By Thursday Adams
The expression weasel clause describes a phrase in a agreement that provides one party a chance to simply back out of an obligation. a contract between a consumer and a real estate brokerage is usually set up early in the relationship. The last few years we’ve noticed a troubling trend resurface in Ann Arbor with title companies asking buyers to sign hold harmless agreements that assert the purchaser will not ever sue the real estate firms for anything. This is a devious way for a real estate brokerage to change the agreement with the consumer and these hold harmless clauses are weasel clauses of the worst kind.
These weasel clauses typically show up as part of other standard closing documents. And the consumer is asked to sign these along with the other authentic closing papers. Often these documents have not been looked at prior to the time all the final papers are signed and it is quite easy for a title company to slip in a few extra sentences at the request of one of the real estate brokerages involved.
There was even one firm from Wayne County recently who wanted the buyer to indemnify the title company against legal action brought against them by the seller or others.
We feel this is both crazy and offensive.
The title firm should not be renegotiating the contracts involving the purchaser, the seller, and the real estate companies at closing. Most purchasers are not ready to argue these items and it is completely wrong for them to need to.
If you as a buyer refuse to agree to these unacceptable documents typically the title company will back down. They in general have to because these documents are not part of the purchase contract and if they refuse to close if you don’t agree to them they could face considerable legal penalties. But you or your attorney or your buyer agent must speak up. If you see one of these hold harmless clauses ask why you should sign that since the contract between you and the real estate companies involved was already agreed upon.
Here is example phrasing from one we saw in Ann Arbor a short time ago:
“Purchasers hereby release the real estate brokers and their agents from any claim whatsoever with regard to the condition of the herein described premises.”
This issue should have been covered in the buying contract form or the contract between the real estate company and the buyer. It has no business showing up at the final closing mixed in with the dozens of reasonable papers a buyer needs to sign.
In a recent case in the Ann Arbor Michigan area a buyer sued a home owner for a septic field issue only to find out the home owner was misinformed when they purchased the property. The real estate brokerage involved claimed that nobody in their office knew that the property out in the middle of the countryside wasn’t joined to a sewer line, even though there are no municipal sewers for miles. The language in this weasel clause nearly caused the judge to dismiss the case against the real estate firm: “Purchasers, by their closing of the purchase of the property, relieve (name removed) brokerage and its associates of responsibilities of condition of said property and its title.”
When a consumer hires a real estate company either for listing a property, selling a property, or buying a property, there is an expectation of professional capability. These wide-ranging hold harmless clauses are an effort by one or both real estate firms involved to remove any liability for professional incompetence. And they should not be signed.
If you are buying a property in the Ann Arbor Michigan vicinity make sure your real estate firm is faithful to you, not faithful to the seller or faithful to the deal. The best way to be sure is to hire an exclusive buyer agency. An exclusive buyer agency is a real estate firm that only works for home buyers. They never list homes for sellers and the never represent sellers in a transaction.
Radon Issues For Ann Arbor Real Estate Buyers
By Jon Boyd
An exclusive buyer agent in Ann Arbor had an interesting experience recently with a seller’s agent when they discussed contractor inspectors. (Exclusive buyer agents work at brokerages that only help buyers, the firm never lists property and they never work for home sellers.)
The exclusive buyer agent relayed to the seller’s agent who the buyer intended on using for their inspection and the seller’s agent sneeringly told her that “You have to be careful when choosing inspectors–this guy is one of the worst inspectors out there.” When she didn’t back down the listing agent complained indignantly about the inspector the buyer had chosen, claiming that “He makes mountains out of mole hills and kills deals all of the time.” and “He is a joke among real estate agents.”
To make things worse the guy proclaimed “If I had known you were going to use him, I wouldn’t have let this go to CTS in the MLS.” (That means he would have continued to market the property as available even though there was a binding purchase agreement on it. This would go against the Multiple Listing System rules and the REALTOR code of ethics.)
Well the true reason the listing agent didn’t like this inspector was because the inspector’s motivation is providing home buyers with a painstakingly methodical inspection. This is in contrast to numerous home inspectors who focus on making Ann Arbor real estate people content by doing “quick and easy” home inspections.
The listing agent’s company would also put any inspector on their “preferred provider list” for a $250 promotion fee.
In fact multiple times we’ve heard complaints from this firm’s licensees when a buyer’s inspection took more than two hours. The American Society of Home Inspectors is the benchmark setting group for home inspectors and an ASHI grade inspection generally takes from three to four hours. As a home buying expert I consider that as a minimum that a buyer should get.
After all that the inspection on this home went fine because it was a well built and perfectly cared for home. But the radon test indicated a radon level above the EPA guideline and that a removal system was called for.
The listing agent expressed absolute shock claiming that he felt it was very suspicious that there was a radon issue since the home owner had installed glass block basement windows.
(The exclusive buyer agent knew that glass block basement windows have nothing to do with radon levels, but she let him speak his opinions even though he was noticeably misinformed.)
The seller’s agent later told the buyer agent that “in all his years as a real estate agent he had never been involved with a home that had a radon problem.”
This was amazing taking into account the agent had been licensed for 5 years in Michigan and worked primarily in the Ypsilanti/Ann Arbor market. An area where almost half of the houses have radon difficulties.
At a recent continuing education class I found out that some agents from this same company don’t even discuss radon if a consumer doesn’t mention it first. (What is the point of hiring an Ann Arbor area real estate licensee to support you if they don’t mention things that you are not aware of?)
If you planning on buying real estate, be aware of radon and invest some time to locate a buying expert to help you. Meeting an exclusive buyer agent is a wonderful place to start.
Article Source : Article King Pro – Free Reprints and Distribution
Ann Arbor Buyer’s Real Estate Company
Exclusive Buyer Agent in Ann Arbor
John Becks easy ways to attain financial freedom
By Jake Walker
Experience John Beck free and clear system; enter a new business arena attaining marginal profits. The focused approach is a trouble-free way to avail desired segments of business earning in real estate investments.
Real estate investment is based on purchasing property in central United States and Canada, hence converts few pennies in dollars. You will experience simple business processes with ease-adopted methods.
John Beck is the answer to home based businesses over online marketing, ecommerce is way to cater diverse markets over various niche segments, today earning lavish and luxury is no more an unattainable dream. The property guru helps in real estate excellent service investment through his experience and knowledge.
Essence via tag free and clear system suggests fair solutions; as you invest in wide property investments, the double income can be generated with resell options. Making the system clear as transparent portfolio you wont find any confusion in any regard. Hence property guidelines and principles by the property broker are effective and result oriented.
No need for monthly payment over free and clear system, you can purchase via online ways without any compulsory requirement for license or legal procedures. John Beck free and clear system is the way to financial independence, no more hectic work processes, hard work, tough schedules and difficult principle followings, he is the answer to key earning at your comfort giving diversified methods.
If you want to learn methods of real estate investments, attend John Becks seminars and training sessions, qualitative research suggests high satisfactory levels over investment business trends. QA sessions helps solve your queries; consequently guides are cooperative in giving clear image over diverse business processes.
The featured benefits one can attain on way to investments vary with chance to find best property and invest in the central locations of united sates and Canada, the initial cost is $ 39.9, hence the range of offering vary from $ 200 to $ 1000. You can purchase tax lien certificate and marketing tool kit to avail new business approach.
Promortioning and advertising strategies proves helpful in bringing public awareness, the idea is marketed on the initial presentation with DVD and training books in order to educate people on how to purchase real estate property-giving list on how to sell the respective property with it,
The conclusion can be derived as John Beck free and clear system is phenomenal in building a specific target market, where the business pros and cons are clearly highlighted to the audiences, the profit margins are specified in easy ways, there are changing trends in business investment with growing returns in addition his real estate brings profitable mark profits in present as well in future endeavors, today you dont need to worry about tough work processes John Beck is the platform to attain financial growth via diverse offer with respect to modern trends and methods .
Jake Walker a Real Estate Broker working along with his friend. He has been using John Beck Real Estate system for his work. He has also attended one of John Beck Seminars.
Related Websites -
Celebration Real Estate - Orlando Premium Properties Orlando Premium Properties Eight years ago, Claudette Busuttil established Orlando Premium Properties, while working as a Realtor ® for another firm in Celebration, Fl. Claudette and her husband John had lived and traveled extensively through Europe and the Middle East. She’s fluent in French, Italian and Turkish. They...... -
Is It A Good Time To Invest In Real Estate? Even though I've experienced phenomenal returns in real estate, I think its getting exceedingly difficult to invest in that asset class. If you're flipping houses and you have a good buying and selling system in place, then the story is different, but thats probably your full-time job. If you a...... -
The Mortgage Crisis and Investments in Real Estate According to regional and state real estate analysts, the factors which previously fueled the housing boom of the last few years are easy to explain. The factors that fueled this boom in the real instate industry ranged significantly, including: - Interest rates that were historically low. - Flight-Risk Safety Investments...... -
Top 50 Reasons To Invest In Real Estate Right Now! Someone said to me the other day, "since we are in a recession, give me one good reason why I should invest in real estate?" It caught me off guard , I couldn't even answer the question because it was just too overwhelming to me . I couldn't see how someone could be...... - Real Estate Investing Through Property Investment Companies Real estate investment is traditionally considered among the safest investment options for a long-term investor who has a a good tolerance for risk (2008 notwithstanding). However, even for small investors, investment in property can be a good option, whether for self-use or for earning a rental income from it. There......
You must log in to post a comment.