Do you get your client to initial all changes? Do you REALLY mark out all the previous counters?
I do!
Currently doing business with an agent who has a LARGE team (I can identify 5 members so far).
First, contract expressed that financing would be FHA/VA VHDA (alphabet soup) BUT conventional terms were checked. (and no there is NOT a built-in microwave, or a shed to convey with the property) I guess I have pet-peeves.
In the process of countering, I noticed that the AGENT initialed some of the cross hatches instead of her client.
Interesting.
I hope, for her sake, it never gets contested. If it does, she’d better have documentation to show that she was authorized to sign.
As the listing agent, I sure would feel better if I saw some sort of limited power of attorney or each of these authorizations from her client.
Keep your fingers crossed the purchaser is not just a figment of the selling agent’s imagination!
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October 23, 2008 at 11:55 pm
homeinnorthernva
UPDATE: Real Estate Salesperson who submitted offer and initialed some of the cross hatches for her client is the office Managing BROKER!
Isn’t the “managing broker” the person who makes sure that all the agents and brokers in the office properly execute all documents?
Well, our seller’s settlement attorney caught that the agent had initialed for her client on several pages. The attorney asked me to call agent and request a copy of her special power of attorney (Can you get one if you have a financial interest in the transaction?) AND purchaser properly acknowledge all changes and submit to us ASAP, or just have purchaser initial as necessary.
I left the message for the MANAGING BROKER and let her know that I was calling because settlement ATTORNEY requested it.
Managing broker called back and assured me that as agents we have limited power of attorney to act on our client’s behalf! (I guess no client has ever changed their mind and disputed that she had permission to initial/sign to agree to changes?)
Settlement is tomorrow. I will let you know how it goes!