{"id":907,"date":"2017-05-18T14:25:11","date_gmt":"2017-05-18T14:25:11","guid":{"rendered":"https:\/\/www.bfvlaw.com\/business-owners-read-this-before-engaging-in-a-real-estate-transaction\/"},"modified":"2017-05-18T14:25:11","modified_gmt":"2017-05-18T14:25:11","slug":"business-owners-read-this-before-engaging-in-a-real-estate-transaction","status":"publish","type":"post","link":"https:\/\/www.bfvlaw.com\/business-owners-read-this-before-engaging-in-a-real-estate-transaction\/","title":{"rendered":"Business Owners:Read This Before Engaging in a Real Estate Transaction"},"content":{"rendered":"

For most business owners, a real estate transaction<\/a> will be the single largest financial event within their business operations. The stakes are high and there are countless issues to consider before a business owner buys or sells real estate, or enters into a lease transaction.<\/p>\n

One place to begin the process is to utilize a real estate professional. In 1994, the Georgia General Assembly passed a statute outlining the use of real estate brokers<\/a> in the state.\u00a0 The statute is known as The Brokerage Relationships in Real Estate Transactions Act (\u201cBRRETA\u201d).\u00a0<\/p>\n

BRRETA\u2019s effective scope \u201cgovern[s] the relationships between sellers, landlords, buyers, tenants, real estate brokers and their affiliated licensees to the extent not governed by specific written agreements between and among the parties<\/em>.\u201d BRRETA requires that brokers exercise \u201creasonable care\u201d in discharging all of the duties spelled out in BRRETA.<\/p>\n

BRRETA defines the duties of brokers to \u201ccustomers\u201d and \u201cclients\u201d. Further, it speaks to brokers\u2019 obligations where brokers are engaged with sellers and buyers (\u201cdual agency\u201d).\u00a0 Understanding the limits of the broker\u2019s responsibilities is crucial before undertaking a real estate transaction with the benefit of a broker\u2019s representation.<\/p>\n

Commonly, brokers are referred to as \u201cagents:\u201d understanding, however, that brokers do not<\/u> have fiduciary relationships or fiduciary duties<\/a> to any party.\u00a0<\/p>\n

Many of the general provisions governing your relationship with a real estate broker spelled out in BRRETA can be modified by written agreement.\u00a0<\/p>\n

Real estate brokers bring a vast amount of experience and knowledge to any real estate transaction.\u00a0 As part of your consideration of which broker to utilize, be sure to understand the scope of that broker\u2019s representation and all of the duties and obligations that come along with it.\u00a0<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

For most business owners, a real estate transaction will be the single largest financial event within their business operations. The stakes are high and there are countless issues to consider before a business owner buys or sells real estate, or enters into a lease transaction. 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