Why do agents have their buyers sign the ACKNOWLEDGEMENT with the original submission and before there is an agreement the Seller has even reviewed the offer?
Statement reads as follows:
“I acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer”
This is actually something which is much more serious than it would appear. Usually, nothing at all turns on the early Acknowledgement signature. So, legitimately, one could reasonably say “who cares! Quite frankly, I care and it’s very helpful in identifying the “incompetent” agent. When undertaking to complete an Expert Witness Report, it is necessary to go through ALL the paperwork thoroughly.
There may be many instances of incompetence and sloppy paperwork. They are all identified, listed, commented upon, and noted to be matters which fell below the reasonable standard of care expected of a professional in the circumstances. There may be 10 of them. Then, there are two more, perhaps “borderline” issues, but in the context of 12 transgressions, it’s much more likely that they will be viewed seriously rather than just “given a pass”.
Signing the Acknowledgement early is a “clue”, and I always take the “bait”.
Obviously, there are other small errors which can “backfire” too.
Brian Madigan LL.B., Broker