The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-15

! years; or ! viii take $1,000 cash. / VIII
allow you liberal commission il you
/ can place the farm"
He'd. real estate broker or agent is
defined 10 bee one VINO negCtia,os the
sale OF real property. His business gem
| orally Is only to tlnd a purchaser who
| IS Wiling 10 buy land upon the terms
liked by the owner. He has no authority
to bind his principal by signing "A con-
tract OF sale. a sale OF real estate in-
wolves the adjustment Of many matters
besides liking the price. The delivery
OF lhe possession has 10 be settled gem
erany, the title 10 be examined. and the
conveyance with It's covenants 30 be
agreed upon and executed by the owner.
all OF which requires conference and time
Tor their completion. They are for the
determination OF the owner, and do not
pertain 10 the duties ami are not with
M me authority Of the real estate
agent. For obvious reasons. therefore,
the law withholds from him any implied
authority To sign "a contract OF sale in
behalf OF his principal. :! Va. $50. 81 Va.
40. and many other authorities cited.
The letter empowered ; only 10 find
purchaser. lie is authorized TO list and
promised liberal commission if he can
place the farm No power whatever is
conferred 10 sign a contract OF SALE nor
Is there suggestion of such authority.
: did sell the land on terms entirely at
variance with those authorized I'm the
letter of appellant. and executed a con-
tract OF sale I'm his name on the terms OF
his fS'sl own making. taking IL small i'm
teftst ln the purchase himself.
Even if ; had been empowered 10 sign
contract for the sale Of the land, be-
coming Joint purchaser with the appellee.
they could not bind appellant. The rela-
lion of principal and agent is one OF
confidence. and the law exacts the utmost
good faith of the agent towards his priu-
opal. II ~ general rule that an agent
cauuot become the purchaser OF the
property Of his principal " at all, IN
must be- when there mas been no CON
cealment or deception on his part. and
az N.. ia,
corning the interest he is 10 take I'm the
purchase. so that the principal may act
with full knowledge. Where duty and
interest conflict. the law fOrhids. Tho
Nosition of seller and buyer are antago-
ni~tic. Tire interest Of the owner iS 90
soil Tor As high price as he fairly can.
may. So - duty OF the agent TO his
principai-to obtain the highest prics-cOn-
nlets with his own interest 10 buy for
as htue a. po''bie. An agent, there
fore. cannot So act as 10 bind his princi-
pal when the agent has an adverse in
tcrcSt boz himself.
The letter of = to appellant. as 10 tho
terms of the sale was misleading. and
under these circumstances there could be
no valid ratification of the contract OF
sale. so as 10 bind him for its specific
performance. Tho contract was not ono
$ was authorized 10 make. and the ratih-
cation of am unauthorized contract must
he shown 90 have been made with "a full
knowledge of an essential facts connected /
Hith the transaction and the principal !
must not have labored under mistake !
So misrepresentation Of the wal nature
" the facts. nor had reasonable ground |
Tor such mistake or misrepresentation.
mo doctrine is better settled both upon !
principal and authority than this that |
The ratification of am act Of am agent |
previously unauthorized. must in order |
10 bind The principal, be- vita FUN knoNl- !
edge Of an the material facts" Peters !
eo7.
a real estate agent g. not a general |
agent bur special agent acting under !
llnltei power Iie must Pursue his in |
structOns and act within tho scope az his |
limited power. not exceed nor deriafo
from H. He who deals with him If I'm /
excess Of or deviation from his author |
ity, deals al his peril. He cannot i'm such |
case hold the principal bound unless there |
has been an intelligent ratification Of the |
unauthorized act % tho agent. free from !
mistake or fraud. Story on Agency.
eecton l-j; 81 Va 81. 81 Va. 5jq ~ |