I'm selling my condo and my broker has prepared the deal sheet. I see that the buyer is using the same person as his lawyer and broker on this transaction. I was curious if this should cause any concern to me? If that is acceptable in practice, then I'm fine, but I know I will be cutting broker's checks at closing so I was awakened by this. Thanks.
There may be a conflict of interest issue but that relates to the purchaser not you as the seller since the buyer is the party interacting with the lawyer/broker. If you have more questions, perhaps you should discuss with the attorney handling your closing.
I think it's a conflict of interest but it does not impact you.
I am a former federal and State prosecutor and have been handling criminal defense and personal injury cases for over 19 years. The above answer, and any follow up comments or emails, is for informational purposes only and not meant as legal advice.
Dear New York Seller:
This question was asked by the other side of your deal. All answering attorneys informed the buyer of a clear conflict of interest and that his lawyer cannot also be the broker. All answering attorneys suggested that the seller's attorney would balk at paying a commission as a broker to the buyer's lawyer.
Your attorney should be jumping through the roof. Perhaps your lawyer could demand the purchaser and not you pay the broker. You'll see how rapidly the conflict of interest would take over this deal.
I have forty years experience in the specialty of Housing Law and Tenant's Rights advocacy. The answer I provided to you does not create an attorney and client relation. You are free to check my office contact information at my AVVO profile. The answer offered is in the nature of general information, and should not be considered as tailored legal advice. I offer answers as a service to the community with my firm belief that you should try gain a good outcome for your legal issue and to avoid a bad outcome if you can.
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