The importance of “understanding”.

“Any fool can know. The point is to understand.”
                                                                                  Albert Einstein

 

The failure to “understand” can easily derail a real estate transaction and, more importantly, lead to the filing of a complaint with the Real Estate Division or even a lawsuit against the agent. The moral of this story is not to hesitate to seek assistance in understanding any particular situation. In addition to representing agents and brokers, our practice includes probate and guardianship administration. Sales of real estate during the course of a probate or guardianship can be easily accomplished if you understand the special rules that apply.

I have encountered agents that claim to have completed probate sales but when we recommend meeting with them to discuss the procedures, they aren’t interested. While these agents know about the probate and/or guardianship process they likely don’t understand either and this could be their undoing. For example, agents routinely have the party sign listing contracts which may be unenforceable if the client does not indicate his or her representative capacity. Moreover, not understanding the time lines involved in the process can lead to unrealistic expectations, loss of loan locks and undue stress.

An experienced attorney can be a great source of recommendations regarding the listing contract, provide insight about counteroffers and strengthen your understanding of the process. Buyers and Sellers are becoming smarter about the agents they retain. By utilizing an experienced lawyer, you can fortify your abilities to represent your clients effectively.

For more than 30 years, Attorney Lee A. Drizin has practiced in the areas of estate planning, probate, trusts, guardianship and real estate matters representing clients throughout the state of Nevada.

Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.