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Old 05-31-2010
dschwenk dschwenk is offline
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Attorney-Broker

So in net, if you provide a broker's services, you do so with the same compensation and contractual arrangements as ALL the other brokers in the USA, so you are a "buyer's" broker in spirit only.

The compensation may be the same (or it may not), but the contractual obligations are not the same. If we sign up a client to represent them in a boat purchase, we represent them in the purchase. Period. If we were both the listing and selling broker on a deal, then as attorneys, we are required to disclose that potential or actual conflict and have the client waive that conflict. We disclose our conflicts when they arise.

So should you participate in a yacht sale to a "customer", will you have your customer sign one of those forms where they acknowledge you are acting as an agent of the seller?

If we are representing the buyer, we are not agents for the seller. If we were agents for the seller (ie the listing broker), then we disclose that.

You may have great intentions for the buyer and as much as I LIKE the concept of a buyer's broker, this seems like a lot of mumble-jumbo for an underlying broker-business-as-usual, (which is not a bad thing...as long as everyone understands who is in whose corner...).

I certainly do not speak for everyone and their business operations, and in my legal practice I have seen bad people do bad things. But in our operations, if we are representing a buyer, we are representing a buyer in contract and in reality.

Dirk Schwenk
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