Real Estate & the Internet

The Internet is no longer a option for Exchangors, or Real Estate Brokers.

Real estate is now one of the largest categories of information available over the Internet.

Most buyers search the Internet before they ever visit a real estate agent.

Sellers know that their property must be advertised over the Internet, not just local sites, or national sites, but web sites that reach a international audience.

Buyers and Sellers can research the sales price of comparable properties over the Internet.

Mortgages, insurance, title insurance, etc., applications can be submitted over the Internet.

With the growth of real estate databases, lenders, insurance companies, can perform a real property appraisal online in a matter of seconds.

Exchangors, or Real Estate Brokers should not ignore the Internet and must incorporate the Internet into their business plan.

To buy or sell or exchange Real Estate without using the Internet today is the equivalent of doing business without e-mail fax machine, copier, digital camera, etc.

The Internet is a great tool, but regulators have yet to create, definitive case law upon which you can rely when counseling your clients.

You should assume, however, that traditional rules prohibiting fraud, defamation, and protecting intellectual property rights, will apply with equal force to Internet communications.

Using the Internet to advertise real estate for sale is not treated under the law any differently than advertising in any other format. All of the basic rules still apply.

Advertising may not be false or misleading.

Broker or agent may not advertise property for sale or lease without permission of the property owner or their agent.

Laws of defamation and invasion of privacy apply to Internet communications.

Intellectual property rights can be infringed on the Internet

State Real Estate License Laws

The Internet and e-mail allows Exchangors, and Real Estate Brokers to solicit buyers and transmit offers to buy or sell real estate any where throughout the world.

You should be aware that with this technology you have the ability to engage in the business of real estate brokerage throughout the United States, and most state regulators, have taken the position that the if a Exchangor or Real Estate Broker disseminates electronic real estate advertising to consumers in their state, the Broker becomes subject to the advertising regulations of that states license law

Long-arm statutes, and every state has a long arm statute.

These statutes provide that a company doing business in a state can be required to defend itself in the courts of that state.

Long-arm statutes are constitutional so long as the defendant has minimal contacts in the forum state.

Long-arm statutes can be used to sue foreign website operators where sites are accessible to web surfers in that state.

Who Owns Real Estate Data

Ownership of Real Estate data is separate from ownership of real estate or ownership of a listing agreement.

While a listing broker has the rights or owns the listing and the property owner owns the property , no one owns the factual data about the property, even if both have gathered some or all of the factual data.

Alphabetical list of names, addresses and telephone numbers are not entitled to copyright protection.

A person who compiles data cannot claim copyright rights in the data simply by reason of having compiled it in the first place

Your Future and the Internet

Used properly the Internet will allow you to be more efficient using less of your time to complete a real estate transaction, and will lead to likely advent of a paperless transaction.

As a Exchangor, or Real Estate Broker you need to use the power of the Internet to allow you to better serve your customers, or risk becoming a dinosaur

Not using the internet is like riding a horse on the interstate

Real Estate & the Internet

Questions, comments or suggestions on any of these articles, Send us an

or call Wayne H. Wagie 786-326-4747

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