Don47 0 Report post Posted July 29, 2010 I have a seller who is interested in doing a cooperative L/O. I also have a T/B who needs a large home in the area where this seller lives. I have been working with this T/B for some time. He contacted me to L/P his home as he was buying another, but the deal fell through when the house didn't appraise. He has gone through the prequalifing process for a mortgage and could close sooner rather than later. He likes the L/P concept and wants to do this in stead of closing on a loan immediately. The seller said that he could come by and see the house to determine if it fits his needs. I am ready to set it up, however, I am wondering what role I am playing, since I have no signed agreements as yet. I am not as yet a "Principal" in the transaction, so am I acting in an Agent role until I get an agreement signed with the seller? I an not a Real Estate agent. Thanks for comments. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 29, 2010 Without a signed agreement between you and the homeowner then, yes, you are acting as an unlicensed Agent. Make things easy on yourself and sign an agreement between yourself and the homeowner, become a principal in the deal, and breathe easy. Share this post Link to post Share on other sites
