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Chapter 9 Introduction
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The word broker derives from an old Middle English word for go-between, and nowhere is this more evident than when the agent brings you and your buyer to what is legally known as a meeting of the minds. A successful agent develops valuable skills in negotiation, and a new salesperson will call upon the broker’s experience in this matter. With both parties under stress, tact and diplomacy are called into action. The broker knows enough of law and finance to make suggestions for dealing with difficulties. In the end, your salesperson derives the most satisfaction from a “win-win” situation, in which both parties feel they have achieved their goals and made a good deal.
With no broker involved, you must deal face-to-face with the would-be buyer. Always remember that oral agreements for the sale of real estate are not binding. The buyer could offer you $280,000 cash in front of five witnesses; you could shake hands on the deal and even accept a $20,000 deposit. And the buyer could still back out of the deal the next day and demand return of the deposit. As far as the law is concerned, there was no contract.
The statute of frauds demands that certain contracts be made in writing to be legally enforceable, and one of those is any contract for the sale of real property.
This makes negotiation particularly delicate, for you will only give yourself away if you engage in too much oral dickering.
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