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Applause Music hello Colorado Realtors I'm Scott Peterson thank you for joining me for another edition of legal bites I'm going to talk today about a topic that I think there's confusion about or at least on the Legal Hotline I hear a lot of people that have a little of confusion brokers that have a little of confusion related to what they can and can't do in this specific area, and it's its it's not really a fine line actually, but it's its pretty clear-cut, but I think there's a misperception among a lot of brokers and so the topic today is the unauthorized practice of law versus a single-party listing agreement which is the appropriate way to go through this scenario so let me talk real quickly about what the typical scenario or the phone call that I'll get is and that's it a realtor will call, and they'll say hey listen I've got a neighbor a family member or a friend or somebody, and they're selling their house, and they've already got the buyer they're selling it to a friend of theirs, and they know that I'm a realtor, but they need somebody to prepare the paperwork they need me to do that, and I don't have a listing on it, they just want me to prepare the contracts and kind of write the offer and and and make sure they do everything okay is that okay can I do that and oftentimes they want to they want to do it because you know as the broker you yeah you don't have to market the property, or you don't have to work with a buyer where you're driving around in finding properties, so they expect you to do it for a much reduced fee or maybe a flat fee or maybe no fee at all that's the general scenario that I hear on the hotline, and then you know is that okay can I do it the answer is yes, but you have to do it pursuant to a single party listing contract, so you can't just prepare the contracts you work in the contracts all the time and your license is the unauthorized license to practice law, but that has to be done in every case pursuant to a brokerage relationship with one of the parties you've got to have a brokerage relationship to the trick transaction in order to use the state form contracts and all the things that you're used to using on a typical basis and a typical transaction so yes you can do that for your neighbor your friend your family member in a situation where it's where they've already found the buyer and seller are identified, and you're going to be working on the transaction, but there's a couple of caveats to that you have to have some sort of brokerage relationship and that's going to include a single party listing agreement so if you whether it's you're gonna work with both parties or work as a transaction broker on behalf of both parties in the transaction which is probably the proper appropriate relationship in the scenario that I've just described you're going to have a listing agreement with on the property for just that buyer so your exclusive right to sell listing contract is going to say you're a transaction broker...
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