Can attorney act as buyer broker?

why do you need a buyer broker?

Your broker? No. Absolutely not. That said, you don't need a buyers broker to buy an apartment. And a real estate attorney who is experienced with closings is critical. Is your friend a real estate attorney?

The seller does not want her seller broker to work for me as well as a “dual agent”. My friend is not a real estate attorney, and I’m afraid that my real estate attorney can’t act as my buyer broker because of conflict of interest.

The seller's agent will not want your friend to act as your broker because the seller's agent will have to split the commission with him instead of taking the whole thing. If the actual seller does not want her broker to work for you, that is a different matter. In NY, all licensed attorneys are qualified to hold a real estate agent's license. Your friend probably needs to actually obtain the license, but I think it is fairly easy to do.

Am I understanding this correctly? The seller doesn't want her agent to work directly with you as a buyer OR with another agent? Or doesn't want the agent to work with you AND another agent?

Either way why would the seller care?

Sounds like the agent is trying to manipulate the situation here to get the commission....

Why would the seller care?

It may be easy to obtain that license, not as easy to obtain all the info & experience of a real estate professional. Apparently buyers' agents are difficult to find (I always thought a R E professional just changed hats for sellers & buyers)but why don't you want a buyer's agent, a trained experienced professional? The seller pays in any event.

the seller pays the same...the seller's broker splits the commission if the buyer has a broker

The seller does not want to her broker to work with me directly, they want to work with my broker.

I certainly think your seller is acting wisely. It has always bothered me when there is only one broker involved in a sale. Talk about a conflict of interest! It's like a lawyer trying to represent both drivers in a car wreck. It just can't be done ethically. Of course, there is also a conflict when the buyer's broker is paid a percentage of the sales price, so that the more a buyer pays the more the buyer's broker makes. But that is for another discussion, I guess.

There was a thread on here that addressed the difficulty of finding a buyer's broker. If I'm spending all that money on property I want someone on my team who I feel is actually representing my best interests.

To #10, the buyer's broker would just split the 6% commission with the seller's broker, right? But I agree that the buyer's broker will want their client to bid high, but only really to ensure they get the place and not really to get more off the extra money bid (meaning if they convince you to bid $20K over what you would have bid, they don't make that much more money - half of the 6% on the $20K). We used a broker to help us buy twice and I think their main concern was to get us to buy something - anything - so they made money.

Your attorney can easily file paperwork with the department of state to obtain a real estate license. They are exempt from taking the exam. secondly, the seller may think that he/she doesn't want to have one broker as their may be a conflict of interest as a dual agent. There are plenty of real estate attorneys who act as a seller/buyer's broker. What it all comes down to is whether your friend is good with negotiations.

My friend has general knowledge of RE and has bought an apartment here in Manhattan. He is good in negotiation. Is he entitled for the same 3%, as if I call up any other broker to represent me?

If he has his real estate license then he can at as your broker. The real negotiation is done by the buyer though. Your broker may have advice on what to offer or counter with, but ultimately it is your decision and your broker just conveys the offer.

To #13, Do you know the address for filing paperwork to obtain a real estate license? Thanks!