Risk Management Class: NARPM Convention: Property Managers Beware!

Good morning Sue.  Education is a GREAT way to CYA.....www.narpm.org and there is a NARPM group here on ActiveRain http://activerain.com/groups/NARPM

Good morning Sue.  Education is a GREAT way to CYA.....www.narpm.org and there is a NARPM group here on ActiveRain http://activerain.com/groups/NARPM

Take these additional steps to help you mitigate risk:

• Stay up-to-date on the types of disclosures required by law.
• Ensure that sellers understand the legal consequences of withholding material information about their property from prospective buyers.  Refer clients to their legal counsel for specific information about matters to disclose or not disclose that you are not sure of.
• Once you, or another certified professional, has viewed or examined a property, never make statements about the property that you believe to be false.
• Never express opinions about a property’s future, such as, “I’m sure the value of this home will go through the roof,” or, “You’ll never have zoning difficulties at this location."   Such statements leave you vulnerable to charges of misrepresentation, negligence, or both.
• Always keep records about the information you provide to clients and others, whether the information was given verbally or in writing.
• Personally view and inspect the properties you list and inform sellers and potential buyers about any evidence of material facts in a timely manner. You cannot delegate that responsibility to another.
• Recommend to buyer clients that they should have an expert inspect property conditions and not just accept the seller’s disclosure statement.
• If you are doubtful of the answer to a client question, research the answer before providing a response. You can also ask the advice of your designated broker.