Can an attorney represent themselves in buying a home?
Saturday, April 3rd, 2010 at
7:33 pm
I am an attorney and I am looking to buy my first home. I have a close family member who is a realtor but want to avoid naming a broker on the offer so I can reap the benefits of the commission. I have been told that I am unable to online drugs represent myself unless I have my broker’s license, is this true? What about if the commission check is made out to my law firm as opposed to myself, does that make a difference? Does anyone know of any authorities that I can reference in my argument regarding this issue?
As a attorney this would be part of your training as an attorney in classes.
As an attorney you should know that you can not collect a commission of the sale of a home unless you are licensed to so in the state.
Walk in and take the test to be a broker you have the schooling as a attorney.
You can always represent yourself, BUT you cannot collect any commission involved unless you are a licensed real estate broker. Such commission payments are nearly universally restricted by state law to be paid only from ONE brokerage firm to ANOTHER brokerage firm.
Of course, if you have a broker’s license, then you ARE a ‘brokerage firm’. Many states waive education and testing requirements for licensed attorneys, since they are expected to be well versed in all phases of law, including real estate law.
Somehow, you missed that part of your bar exam.
You have no "benefits of commission," as it goes to the listing agent. You and your law firm have standing in the dispersal of the commission.