Legal Question in Real Estate Law in California
I am a real estate broker in California and listed a property for sale. I want to buy the property and my client is ok with it as well. I want to know if there is any problem with purchasing her property as long as I do it at a fair market price. Should I include any type of language in the addendum? Can I take a commission still? Either representing myself and the seller, or just the Seller? Any advice is appreciated.
2 Answers from Attorneys
An agent or broker for a buyer or seller may participate in a transaction as a principal, i.e., as the seller or buyer. The agent or broker is required to disclose this fact, and also all other material facts concerning the transaction that might affect the client's decision, and the client must consent to the relationship. See Business & Professions Code section 10176(g).
You say you are a broker, but apparently don't know even the most basic of rules of fiduciary responsibility and disclosure requirements, violation of which can lose your license and get you sued. I suggest you consult with an informed broker or real estate litigation attorney to get 'education' on these issues before you do anything.
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