BUYERS AND THE RAMIFICATIONS OF FILLING OUT NEW CONSTRUCTION PROJECT FORMS
Posted by V.K. [Mel] Melhado PA on Monday, February 28th, 2011 at 7:05pm.
Many times buyers will begin looking at property on their own before engaging a realtor. They will seek out open houses and often, if interested in new construction, wander into different communities that are in the process of building.
When they enter the sales office initially interested in look at the models, they are asked to register on a short form providing their name, address , telephone number and often email address. If they question the process, which many don't, they are told that it is a requirement for them to be assigned a sales agent to be able to look at new construction product.
What they do not understand and are not told is that once they fill out the form, they virtually give up the right to be representated by a realtor of their choice. If they return to the community where they have registered with a realtor, most often the realtor will not be allowed to participate in the commissionable sale nor will the buyer be allowed to be representated by the realtor's firm or legal department.
When it comes to new construction builds, we've all heard horror stories about building delays, cost overruns and the like. I believe that it is important for a buyer to be representated by a quality realtor with knowledge of new construction builds, as well as a real estate firm with a top legal department. In that way, should there be any problems, the buyer has solid legal representation rather then just that of the development or builder.
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Downing Frye Realty, Inc.
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