Re: communities that handle property buys and sells internally? | <– Date –> <– Thread –> |
From: Edwin Simmers (edwinsimmersbellcoho.com) | |
Date: Fri, 18 Oct 2019 22:12:37 -0700 (PDT) |
Original Question: Do communities that handle their real estate transactions for buyers and sellers internally allow owners to have an agent represent them? Yes, buyers and sellers of real estate always have the right to retain an advisor (agent, attorney, etc.) when negotiating a real estate purchase and sale. Who would want to be involved in such a significant matter if they weren’t allowed trusted assistance, at their own expense of course? Alan O. also asks how transactions are handled where communities handle their real estate transactions “internally.” At first I thought Alan might be referring to a cohousing development not organized as a condominium (where you actually own real estate) but rather as a co-op (where you only own shares in a corporation that owns the real estate or leases the real estate from someone else). So Alan clarifies that he’s speaking of communities handle the real estate transactions and ‘collect” reduced commissions that would otherwise be paid to real estate agents. He wants to know if this is common and if sellers can use their own agents. My experience is the same as other writers who’ve never heard of a cohousing community that’s actually paid part of a commission for facilitating a real estate transaction. Maybe in one of those huge thousand-home retirement communities where the developer has a sales office on site, but not here. Cohousing communities have better ways to get money during a real estate transaction. Most states allow an association to charge the seller for preparation of various financial and structural disclosures required to be furnished to a prospective buyer. Some condominiums even assess move-in and move-out fees. And you can be sure that any bank financing the purchase will insist that all community dues and assessments for the unit are paid in full! As Katie McCamant says, in most states the actual documents of sale are handled by a "closing agent” that is often employed by a title insurance company, the cost of which is often shared by buyer and seller. Once buyer and seller have reached a mutual agreement and financing is secured, the deal’s ready for closing. Still, some people just feel better having a real estate agent or broker help them with the sale, or consulting with an attorney. Everyone’s comfort level is different and no one should hesitate to ask for help. Ed Simmers
- Re: communities that handle property buys and sells internally?, (continued)
- Re: communities that handle property buys and sells internally? Kathryn McCamant, October 21 2019
- Re: communities that handle property buys and sells internally? Ann Zabaldo, October 18 2019
- Re: communities that handle property buys and sells internally? Alan O'Hashi, October 18 2019
- Re: communities that handle property buys and sells internally? Ann Zabaldo, October 18 2019
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