[5-DayForum] Agent

[Loveandmoney05 at aol.com]

Hi.  Regarding a commission to your agent/friend, I believe you'd have  to 
ask him/her about paying a commission through the brokerage as agent's boss,  
the broker, may not agree to the reduced commission.  By the time the  broker 
takes his cut of the 1%, your friend will get a relatively little  money.
You may want to find a way of compensating your friend for his/her help in  
coaching you regarding finding a closing agent and supporting the paperwork  
process and review of the buyer's ability to get financing.
 
I dont know the answer to your question about "errors and omissions."   I 
dont know if the E & O language is the protect the sellers of the  brokerage or 
both.  I  good real estate lawyer should be able to put  language in the 
contract that protects you.
 
I'm not sure if OR is an "attorney state" meaning a lawyer must do the  
transaction.  Some states require a lawyer.  If not, you could use a  good title 
company or a RE lawyer.  My recommendation would be to get a  recommendation 
from your friend about a good RE attorney (one that gets most of  their earning 
from RE transactions).  The attorney can do the settlement  for you and you 
wont need a separate company.  I'm partial to attorneys for  people selling their 
personal residence as I think there is a better chance of  their interests 
being protected.  I use a good title company as I'm an  experienced investor and 
have my own contracts and special clauses.
 
If you dont get a recommendation i suppose you could just try the yellow  
pages / internet and do a telephone interview to see if your needs will be  met.
 
Danielle
 
 
 
 
 
 
In a message dated 11/23/2007 9:46:41 P.M. Eastern Standard Time,  
HW at 2befit.com writes:

How do we find  an experienced closing agent and a lawyer for the 5-Day 
Method (Greater SW  Portland, OR area). Is the settlement agent the same as a Title 
company or  Escrow agent? 

Since we plan to withdraw the listing for the 5-Day  sale, is it legal and/or 
advisable to include our current Real Estate Broker  (and friend) in the 
transaction (such as: a 1% commission for the paperwork,  to get the benefits of 
the “Errors and Omissions”)? Is this redundant to the  Settlement Agent and 
Lawyer?

We plan on a doing a sale on Dec 1 &  2, so we would appreciate a quick 
response.

Thank  you,
Lisa  

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