For Brokers and Agents

  1. KNOW YOUR CLIENT (SELLER OR BUYER) Check the public records for judgments (see #2 below) – ask around. You don’t have to list every property – be prudent. Are the parties the correct parties to sign the contract? Do either the seller or buyer have claims/lawsuits? Can the buyer bring the cash to the table and get the loan?
  2. TAKE CAREFUL NOTES THROUGHOUT ABOUT WHAT THE PARTIES TELL YOU! If the deal is going south, these notes can help resurrect the deal.
  3. DO YOU HAVE THE RIGHT OWNER ON YOUR LISTING AGREEMENT AND DID THE CORRECT “AUTHORIZED PARTY” SIGN YOUR LISTING AGREEMENT? Make sure you have the right party as the owner for you brokerage agreement. In the District, review the last deed at the District of Columbia Recorder of Deeds. For Maryland, use their online system and select your county. You will also see judgments that are recorded in the public records – if the owner has a judgment, that could be an impediment for the closing. Remember: In Maryland, you can file a lien against the property if you have earned your commission. Call Weiss LLP for information.
  4. KNOW YOUR TITLE AGENT! Not all title agents are the same – avoid “factory” title agencies, avoid national offices of title underwriters, avoid offices that only handle residential deals. We recommend:
    • Shulman, Rogers – Ryan Malet at 240-401-7003
    • Premium Title – Ben Soto at 202-299-9100
    • Federal Title – Todd Ewing at 202-362-5900
  5. KNOW YOUR LENDER! Avoid national lenders – look to community lenders. We recommend:
  6. KEEP ON THE TITLE AGENT AND LENDER FOR LEAD TIME ITEMS! Make sure your title agent and lender get a jump on lead time items. These are:
    • Appraisals and HazMat Studies (lender)
    • Title reports and surveys (title agent)
  7. DO SELLER/BUYER HAVE THEIR ACT TOGETHER? Make sure seller and buyer have their “home in order” for purposes of articles of organization, operating agreement/by-laws, resolutions, authority to sign. We can help clean this up! Call Weiss LLP for information.

CALL RANDY ALAN WEISS FOR ASSISTANCE AT 202-494-5401 OR 202-296-2121