Of course, we all know that a turkey
can't bark. That would be ludicrous. Yet, while
Pennsylvania did not actually pass a law stating that turkeys could
bark, the powers that be in the state capitol did see fit to pass a
real estate AGENCY law that equally defies logic!!
On Thursday, November 25, 1999, the
Commonwealth of Pennsylvania gave another reason to call
Thanksgiving " Turkey Day". A "turkey" of a law,
known as Act 112, went into effect.
More commonly known as the
"Designated Agency" law, Act 112 creates a legal fiction,
sort of like passing a law that says that grass is now pink, not
green. Just because a law was passed doesn't necessarily make
it so.
In essence, this law creates a myriad of
so called statutory real estate agent/consumer relationships which
go a long way toward confusing the home buyer as to " Who works
for whom in the purchase of a home?".
Do you think I exaggerate? Look at
the various sets of options potentially available to real estate
agencies through this law.
http://www.parealtor.org/Agency/policies.htm (close
this window to return here.)
Further, in order to supposedly clarify
what this new law means to the consuming public, Act 112 mandates
the provision, by any real estate licensee, of the so called
Consumer
Notice. To be presented to you much in the way Miranda rights are
given to alleged criminals, it is somehow supposed to well explain how
this new law applies to you, the home buyer.
Feel fully enlightened now that you
have read it? Probably not.
In short, the most illogical aspect of
the law is that Pennsylvania NOW allows a real estate agent to tell
you that TWO agents from the same real estate company CAN
"fully" represent both a buyer AND a seller in the same transaction. This makes as much sense as saying two
lawyers from the same law firm can "fully" represent both
plaintiff and defendant in the same law suit.
In other words, it makes no sense.
Tell you what. The day you
actually HEAR a Turkey bark is the day Pennsylvania's ACT 112
will actually make sense.
In the meantime, allow PRAEDIUM,
Metropolitan Pittsburgh's ONLY Exclusive Buyer Agency, to simplify
things for you as we only represent the interests of buyers in the
purchase of real estate. We look forward to it.
