Saturday, October 24, 2009

Real Estate Agency

This is a summary list of the duties owed the client in a real estate agency relationship.

Reasonable Skill and Care
Arriving at a reasonable purchase price and advising client of such
Affirmatively discovering material facts and disclosing them to the client
Investigating the material facts related to the sale.

Loyalty
The real estate agent must act in the best interest of the client

Obedience
Must follow the lawful instructions

Disclosure of all material facts
Examples but not limited to:
Relationships between agent and other parties
Existence of other offers
Status of earnest money
Seller's financial condition
Property's true worth
Commission split with other brokers

Confidentiality
Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties.

Accounting in dealings
Reporting of where any money placed in the hands of broker is kept.
Copies of all documents pertaining to contract.

On the other hand when you are an unrepresented buyer, the agent only needs to be honest with you, disclose that they are working for the seller, and most importantly sell you the house.

No comments:

Post a Comment