Help clients and avoid risk

Increasingly legal professionals and practices are finding clients would like them to engage more deeply in the operational elements of a transaction, including the appointment of real estate service professionals.

Vendorable allows legal practitioners to help their clients with administrative elements of files without taking on unbillable unprofitable work, and without adding risk.

We have worked with legal professionals in matters spanning family law, deceased estates, power of attorney and commercial litigation.

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Contentious deceased estate example

In this particular case, there were a number of complicating factors:

• The executors were located interstate from the legal practitioner handling the estate.
• The real estate asset to be sold was located in a different city from both the clients and the practice.
• The executors were settling a claim against the estate from a party who had not been provided for in the will.
• The claimant was in the same city as the asset.
• The main asset of the estate was the parcel of real property.
• The property was in an area unfamiliar to lawyer and executor clients, both in terms of expectations of value and of who to use.
• Time was of the essence as the matter had already been ongoing for some time and the executor needed to prevent further court action.
• There were multiple parties benefiting from the proceeds of sale to whom the executor was accountable and had reporting obligations.

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Outcome

The following outcomes were achieved.

The lawyer and executors went from zero information to fully informed when all agents in the local area provided a submission.

The chosen agent had an appraisal range ~$50,000 above the other submissions but reduced his initial commission by 0.3%, to be aligned with the market rate.

The tender process only took a week to conduct, and once a decision had been made, executing the electronic agency agreement took seconds.

The legal practitioner was able to invite the executor into the platform to view the entire process and make the necessary decision.

The executors, in concert with the lawyer, were able to use the reports generated by Vendorable to satisfy the claimant and other beneficiaries of the progress being made towards the sale, while retaining control.

The property sold within the servicing agent's appraisal range (higher than the other agents), outperforming original expectations.

The entire time on file took only 68 days from tender, through to marketing and exchange of contracts.