There are so many papers to be signed during the process of buying / selling, that even the real estate agents get confused some times. New forms come out every day and to keep up with it is not so easy. Most of it came from the real estate boom last few years, which uncovered many bald spots in the Transactions. The Real Estate Division is desperately trying to patch them in order to protect the participants from fraud and lawsuits. In many cases having the right forms at the right times make all the difference in the world to between winning and loosing from a Deal to a Law Suit. Since the business of Real Estate is nothing more than management of communications (for the most part), miscommunication is the biggest problem haunting it. I still can’t believe how many people in the business continue to get in trouble because of misunderstandings, which could have been avoided simply by having people talk to each other instead of assuming that telepathy and other extraterrestrial information flow exist.
All I can advise you in this constantly changing environment is – read the papers that you sign and ask questions if you aren’t 100% sure what it says. Different states have different requirements and forms, so please, do not assume that a Transaction you did in New York will go the same way in Las Vegas. It won’t! Your real estate agent should be able to make you comfortable sighing the paper work by explaining it in a way that you have no more questions. But again, don’t just rely on that – READ the PAPER WORK anyway! I have seen Agents who have no clear idea what some of the forms are for, but this goes to the next page of How To Choose An Agent.Should you have any specific questions, please feel free to ask by commenting below. I will be happy to answer to the best of my knowledge.
