Show Vemmoresomillirr—dfisMoolnolhAmmogr' - MMNMMniEldliblOrgiii1111ElleMMIN G10 The Salt Lake TribuneDeseret News Saturday September 5 1992 I THE LAWBY TOM ROGAti Work with only the best when buyingselling a home Let's start with a simple fact It's easier to get into a real estate transaction than it is to get out of one So whether you're a buyer or a seller you want to be working with the very best people available going into during and while completing your sale or purchase Your supporting cast may include any or all of these individuals: your real estate agent your lender your attorney the appraiser the home inspector the surveyor and the title company Let's consider briefly the role each may play in your real estate transaction Your Real Estate Agent — Whether it's a buyer's market or a seller's market a professional real estate agent can be a valuable asset in a transaction In addition to just "bringing together" a buyer and a seller a real estate agent who represents you has an obligation to look out for your best interest Also an experienced real estate agent should be able to help you select other qualified individuals to help with your purchase or sale If you don't have a preferred real estate agent try to get a personal referral from someone whose judgement you respect Your Lender — Don't make the mistake of going to a lender just to obtain a slightly lower interest rate The secondary financial markets control interest rates reflecting investors' appetite for home mortgage secured income Most mortgage "lenders" these days are loan brokers and as such they have no control over rates Pick a lender who will do what it says it will do when it says it will do it Your real estate agent's past dealings with the lender are the best indicator of future performance Beware of the lender who has a history of saying "no problem" and then the sale doesn't close because the loan can't be funded The Attorney — In most Utah single family home sales there's typically no need for your being represented by an attorney The State has approved a sales contract which though not perfect generally gets the job done satisfactorily when completed by a competent real estate agent However here are some situations when you may want to consult a real estate attorney who reg - WI carp style: were suggests that you consult an want an inspection contingency is when you're willing to attorney 4 When you're purchasing assume the risk regarding the a home which is not yet built property's condition because or when the precise time for you're competing with anclosing the transaction is very other offer The Surveyor — Most home important to you in Utah don't involve sursales 5 When you just have "a veys Generally a home in a funny feeling" about the way regularly platted subdivision the transaction is going will no boundary probhave — Your The Appraiser if fences or gaHowever lems the will select lender apinvolved are rages you may praiser for lending purposes want to have the corners of the You have a cight to review the property "staked" appraisal If you're buying a home in The Title Company — Unolder part of town for exan der the standard Utah real esThe Avenues of Salt tate contract the seller selects ample Lake City or Old Town in Park the title company unless the City you might give more parties agree otherwise to having a survey It's important that the com- thought done pany is well underwritten for If you go with a survey insuring the title and that it make sure you're aware of any will do what it says when it liability limitations the sursays it will do it veyor may want to impose The Home Inspector — It's All Has Not Been Said — a good idea to make the pur- Much more can and will be chase of your home contingent said about who should be inupon a satisfactory profes- volved in your real estate sional home inspection but be transaction Here we've just sure you're aware of any li- introduced the cast of characability disclaimers before de- ters As a buyer or a seller you ciding on a particular will have to balance your own inspector The home inspec- common sense with the advice tion report will provide valu- of others to best protect your able "disclosure" information interest in the purchase or sale The only time you might not of your home Th folio' vet L ---1 1 i - ‘ 4- 1) et l''er 1! i - ' - t? - -- - N 1 4 ii4fi ' 'V' Tom Rogan Attorney at Law ularly works with residential transactions: 1 When you have read all of contract sales the formbefore signing itand you have a question which no one is able to answer to your satisfaction 2 When you know that the other party is represented by an attorney 3 When you are not represented by a real estate agent when the agent represents both the buyer and the seller or when a real estate agent t in g herb Th their carp 1 look conti tile coloi Or carp I t is falls $15 1lem stall 1little Ti man: it ea and with fI urn wonl hoir Hon 1 1 herb zand Ti T Al Utah agents will travel to Sun Valley for convention From the looks of advance reservations about one out of every 10 Utah real estate agents and brokers will be leaving their beepers and mobile phones at the office and heading to Sun Valley for the annual Utah Association of REALTORS Convention —Sept 23-2- 6 In a statewide topsy turvy 40 lc 1 - r if CAA 7 -- II :p 9 2 residential and commercial market it appears to be a gathering that promises to clarify educate and organize real estate professionals into a better trained body of buyers' and sellers' agents for all areas of state: St George Park City Utah Lake Salt City etc Dick Wood president of the Utah Association REALTORS feels the of re- sponse to advance reservations is going to prove how important continuing education for REALTORS is within the industry these days But why are Utah and pass the state licensing exam all over again Additional classes will be offered by nationally known industry speakers Gill Woods State approved teachers Jr (first vice president-elec- t will be on hand in Sun Valley of the National Association of offering classes ta Qualifying REALTORS) will speak at Buyers Risk Reduction Pric "Itap Sessioq about natioilat ing Properties and a CORE- - real estatejrendsz-Jult4- ' rourse on agency laws ethicS1 Garton-Goo- d a past winner br contracts and mere "Real Estate Educator of the Since the Utah State Legis- Year' for the US and Canada lature passed mandatory con- hosts "The Seven Deadly Sins tinuing education classes for of Qualifying Buyers" David sales agents two years ago Knox a previous national agents have been closely moni- training director for Merrill tored by the Real Estate Div- Lynch offers a dynamic ision as to licensing presentation on sales and Rosita Perez social worker requirements Many a part time agent has voted "Speaker of the Year" learned to their dismay that by the National Management they may not get their license Association shares her renewed unless the 12 hours thoughts on music as a metaof continuing education are phor: "You and I have a to choice Either we lament all completed prior the high notes we can't or reapplication If an agent is unable to re- won't hit or we leave those to new their license due to non- Pavarotti and get on with the rest of our songs" compliance of On the second day Conlaws they sometimes are forced to go back to school and gressman Bill Orton will offer complete weeks (and some- his political ideas in an electimes months) of classwork tion year Orton is a agents and brokers can receive the mandatory 12 hours of continuing education necessary to keep an active sales license in one "sitting" "Time has proven that agents hosting the meeting never get much education because they are close enough to home to run out during lunch to show properties write offers and attend closings" says Lee Stern chairperson of this year's UAR Convention adding "This year especially we REALTORS heading out of state for a Utah convention? full In years past the annual con- want everyone's vention has been held in vari- attention!" This will be the first year ous locations throughout the carr elec' du( elec REALTOR sponsored candidate in Utah The Utah Association of REALTORS sees itself as "the voice for real estate in Utah" and represents 5100 members statewide Sales agents and brokers who are not members of the association may attend the convention but are not regulated by the NAR's Code of Ethics Spouses who often work behind the scenes helping agents in the business may also attend for a nominal fee Pre-registrati- I will be taken less 1 earl surf Mk ton synt 2 calli mat wov or B am( fibe I in Sun Valley Registrants are responsible for their own housing Phone reservations to the UAR office for the convention will not be allowed but interested members and can call for an information brochure and registration forms The number to call for information is or 800- - tin rat! rat( Ku equ dye non-membe- rs 268-474- 7 594-893- 3 bee: bull C ces ! regristraon-site ( Prir for the 1992 Convention is due at the UAR office by Sept 16th at 5 pm After that date II the fro sep ' C Ma' |