BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
Looking for an experienced attorney to possibly represent both sides of a transaction in Fort Collins. You'll need to write up the contract to buy and sell, and handle all aspects of the transaction.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
When I get a situation where the Broker/Agent/Lawyer represents both sides - - I get nervous. Yes, ethically it should not matter at all, BUT money doesn't solve everything (ie seller pays commissions). We all have life long associations, whereas one RE transaction is but a passing in the night. Friends can shop at the same stores, attend the organizations and sit on the same boards.
I have been using the info below to form an Affidavit for use in such cases. Whereas there should be a notary block at the bottom and notary seal when signed, I've dropped that and am relying upon the information to jog the conscience that a conflict of interest can be in play due to prior associations.
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I, _________________ (Agent) , am disclosing my prior association with _____________________________(buyer) who is making an offer on the property at xxxxx
• this buyer is personally known [ ] is not personally known [ ] to me prior to this transaction
• if known:
• we have been acquainted about ________ years
• my last transaction with this person was dated __________________, as a seller [ ] buyer [ ]
• we have had approximately ___________ previous transactions
