When working with a Real Estate Agent, Make Sure They Bring Their OLD CAR

Real estate transactions are complex and require diligence on the part of all involved to reach a successful completion. Of primary importance to the client, whether buying or selling is to have a qualified agent, who not only knows how to handle the transaction but comes prepared to use an OLD CAR. This is the acronym for the agent's fiduciary responsibilities to their client

Obedience  This obligates the agent to act in good faith at all times and to obey all the legal instructions of their client in respect to the contract. Acting out a request of the client that is in violation of civil laws puts all parties in jeopardy. On the other hand, if an agent exceeds their authority and violates the contract, they can and will be liable for any losses that the principal may suffer up to an award of triple damages in some instances.

Loyalty This requires that the agent places the clients interests above those of al others, including the agent's own self-interests. The agent must be sensitive to any possible conflict of interest. An agent may not act out of self-interest, and cannot negotiate a contract with regard to how much commission they may earn.

Disclosure It is the agent's obligation to keep [their client informed of all facts or information that could affect a transaction. This includes relevant information or material facts that the agent knows or should have known.

The agent is obligated to disclose:

• All offers
• The identity of the purchasers, including any relationship they may have to them
• The purchasers ability to complete the sale
• Any interest the agent has in the buyer
• The buyer's intention to re-sell the property at a profit
• The agent's best judgment as to fair market value of the property

 

Confidentiality: Confidentiality about the client's personal affairs is a key element of loyalty.  An agent cannot disclose a client's financial conditions; their willingness to accept less than list price on a house for sale; or the extent to which they will pay for a home.

Accounting: The agent must be able to report the status of all funds received from or on behalf of their client. These funds must be deposited in a special account separate from other agency funds and cannot be used for anything other than its intended purpose.

Reasonable Skill and Care:  The agent must exercise a reasonable degree of care while transacting the business entrusted to them by their client. The client expects their agent's skill and expertise in real estate matters to be superior to that of the average person. That care is to be used in their client's behalf. The agent should know all facts pertinent to their client's affairs.

If representing a seller, the agent must help that client arrive at an appropriate and realistic selling price, discovering and disclosing the facts that affect the seller and properly presenting contracts that the seller signs.

 

If an agent brings their OLD CAR to the transaction, their client should feel comfortable knowing that they will be well represented and that their transaction should go forward smoothly.

If the agent also drives an old car, well, that's just a coincidence.

 

 

 

 

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