I think it's fair to say that most people don't buy and sell homes every day.  The Real Estate industry is highly regulated and every transaction is different.  Every property is unique and therefore, the contract to a transaction needs to be handled with skill and attention to detail.  It amazes me that people who aren't aware of all the potential pitfalls of not having proper representation still prefer to go it alone.

This week, I got an interesting call from a colleague in my office, who got a call from an acquaintenace who just purchased a property by dealing directly with the Listing Agent.  Only after the subjects were removed and the deal became firm, did the Buyer question some of the things she didn't understand about the complications of purchasing a Non-Prepaid Leasehold property.  The colleague who contacted me does not work in this area, and wanted to "pick my brains", as I am more familiar with the neighborhood and the ongoing issues of Leasehold.  Although I do not know the intricate details of current Leasehold negotiations in this circumstance, I am familiar enough with the pros and cons, and the need to be fully informed of a multitude of implications in purchasing such a property.  After long discussion with my colleague, it became apparent that the Buyer really didn't know what she was getting herself into, and she asked me what her friend should do.  I do not know any of the details of how the transaction came about, but all I could suggest is that her friend "see a Lawyer".  Unfortunately, after the deal is done, a contractual obligation is formed.  It is unfortunate that this person did not at the very least seek independent legal advice throughout the transaction and before removing subjects.

I often come across Buyers who want to do it on their own.  If a Buyer chooses not to work with a professional and knowledgeable Realtor®, it is critical that independent legal advice be sought.