This article will be a 6 part series breaking down an agents fiduciary relationship with his or her client.
An agent has certain responsibilites owed to his/her client that must be followed by law. Consider these responsibilities, or “fiduciary duties”, as the agents constitution and your bill of rights. An agents fiduciary duties encompass: the duties of care, confidentiality, loyalty, obedience, accounting, and disclosure. Today we will focus on the agents duty of care.
Real estate agents are required to continually educate themselves enabling them to be up to date on all aspects of the industry such as real property laws, financing, land-use issues and so on. That’s one pretty BIG reason why they are in existence in the first place, so the client can rely on the agents’ skills and expertise to make the best decisions.
A Quality Agent should be skilled in:
- Valuing property
- Discovering important facts about the neighborhood, the property, and the parties involved and disclosing the information
- Aiding and explaining in laymens terms the purpose and reason for all contract forms
- Making best efforts to find or sell home
- Referring you the client to seek expert advise from people such as attorneys, accountants etc.
- Explaining different finanacing options
- Negotiating offers and counteroffers
- Meeting deadlines
If the agent is representing the seller, he is expected to arrive at a realistic listing price, discovering and disclosing any facts that affect the seller, makes an effort to market the property with the proper price, terms and conditions as well as advertising and showings.
If the agent is representing the buyer, he is expected to aid the buyer to locate and evaluate a suitable property, advise on financing opportunites and alternatives, and handle offers and counteroffers with buyers interest in mind (never his own or the sellers).
Tomorrow we will touch upon the the agent’s duty of confidentiality.
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What a great read! I look forward to the other 5!