If Not Understood, Seek Legal Counsel FIRST

We were asked to talk about agents using an attorney review period as the opportunity for a first time review of the contract with the buyer to explain the provisions of a Purchase and Sale agreement.  While ensuring a client understands the legal obligations of an agreement IS an attorney’s job, it’s important that buyer agents are not allowing or encouraging their clients to sign any legal agreement if you haven’t reviewed the terms and obligations with them first.  Your fiduciary duties include the review of documents your clients are considering, so that they understand the legal commitment they are making, and to make sure an attorney is looped in BEFORE signing if there are understanding gaps.  If you don’t feel confident speaking about the standard contracts we use in the Berkshires or Massachusetts, talk to your broker or take a class to get up to speed!