Legal Ease
gia law should be changed to track the federal law. GET THE RIGHT
AUTHORIZATION FORM SIGNED CONCLUSION The one area where REALTORS® should take im-
mediate action is to review the form signed by the seller authorizing the REALTOR®
to communicate
with the lender. Many of these forms are broadly written and appoint the REALTOR®
to act as the
seller’s representative for all purposes including the negotiation of the seller’s mortgage loan. In such instances REALTORS®
should add language
to the form stating that while they are authorized to communicate with the lender, and be a facilitator be- tween the mortgage lender and the seller, they are not under any circumstances authorized to negotiate the terms of the loan on behalf of the seller. The following is an example of such a provision: “Notwithstanding any provision to the contrary con - tained herein, ___________________REALTOR®
is not
authorized to negotiate the existing mortgage loan(s) or the terms and conditions thereof with the mort- gage lender. REALTOR®
’s role shall be limited to being an intermediary and facilitator between the Federal laws are often clarified through rules
adopted by the federal agency that enforces the law. At the present time, rules are being considered to clarify the intent of the federal law. The National As- sociation of REALTORS®
(“NAR”) has submitted com -
ments encouraging clarifications of the federal law to better protect REALTORS®
. When this occurs, it
will become clearer just how inconsistent our Georgia law is with our federal law. Hopefully, both the state and federal laws will be clarified to allow REALTORS® to continue to perform the important role they have played in helping buyers understand and obtain mort - gage financing.
Seth Weissman serves as general counsel for the Georgia Ass ocia - tion of REALTORS
®
Nowack, Curry & Wilco, P.C., a full-service real estate, business and litigation law firm with 14 offices located in the metropolitan Atlanta area. Please visit the firm online at
www.wncwlaw.com.
. He is a partner of the law firm ofWeissman,
mortgage lender and the seller to allow REALTOR® to seek to sell the property in accordance with the terms of listing agreement.”
www.garealtor.com
Georgia REALTOR®
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