May 17th, 2011 at 11:26 pm
The first thing you have to do is READ the Addendum. We cannot do anything to assist the client without reading the document and knowing what it says. Remember, while this document is a legal one, like the CAR forms we use every day, we need use our experience and expertise to help guide our client. It is absolutely unacceptable to merely pass the Addendum on to the client without doing more. If you have questions about the Addendum, call your mentor or manager. In most cases they will be able to help you. If they can’t clarify the Addendum for you, call the Legal Department. We will do our best to help.
The main goal of this exercise is to understand the Addendum as a real estate licensee would so that we can explain to the client how it changes the transaction and, more particularly, how it makes this deal different from the normal deal. Additionally, as we always do, we want to be able to identify risks and benefits created by the Addendum. That way, we outline those risks and benefits for the client and let them make a decision. Of course, if the Addendum’s legalese is too difficult for you to understand and explain, then you should just refer the client to their attorney. You should do that in every case, but can still discuss the impact of the document if you understand it.
Most importantly, don’t ignore the document. It will materially affect your clients rights and therefore must be reviewed by you just like any CAR document you may use. Do your best, use our resources, and refer the client to a lawyer. By doing that, you are both protecting your client and yourself.
As always, feel free to contact us with any questions you may have.
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