As a home buyer or home owner, you have the benefit of hiring an agent to provide support and protect your best interests. Simply meeting with an agent does not automatically mean that person is your buyer or seller agent. There is generally an agreement formalizing the agency, responsibilities of the the agent, and your responsibilities. Below are some details on the importance of using Woburn MA real estate brokers. All references to “agent” refer to buyer or seller representatives.
Real Estate Brokers Fiduciary
Federal real estate law mandates that agents fulfill certain duties to their clients after they enter into an agency relationship.
Maintaining Confidentiality
Agents are responsible for maintaining confidentiality. They may not disclose information about your business, financial or personal affairs, or motivations unless authorized by you or ordered by a court of law to do so. This duty extends beyond any closings or contracts.
Reasonable Care
Real estate professionals have a reasonable knowledge of real estate related matters and on the home buying and selling process, but they are not experts in all real estate related fields (such as legal issues). For information outside of the knowledge of an agent, they must refer clients to the proper experts.
Lawful Obedience
Agents must follow their clients instructions, as long as the requests do not break any laws or contracts. For example, sometimes clients may ask their real estate agents to write a contract with terms that the agent does not agree with. Agents must complete those requests despite the disagreement.
Accounting
Real Estate Agents must accurately monitor and report the whereabouts of all deposits related to a transaction. This includes any deposits submitted and the return of such deposits.
Loyalty
Real Estate Agents must keep the best interests of their clients above any other individuals, including themselves. Compensation, particularly in competing offer situations, should not be a factor and would be disloyal to clients. Confidentiality is also a factor of loyalty.
Diligence
Agents must perform tasks and abide by requests in a timely manner. This can be vital in multiple offer situations, so having an agent on your side will best protect your interests.
Disclosure
All agents must disclose all known facts about a home,…often referred to as material facts. The responsibility to disclose also covers any facts or information that might affect feelings about a property or improve their negotiating power.
The Importance Of Using Woburn MA Real Estate Brokers
Hiring an agent has many advantages. In addition to the items above, agents have an even more important task of controlling interactions between parties. The real estate process can be very stressful and emotional. Having the guidance of a person who recognizes your best interests but is not emotionally involved can facilitate transactions and lead to better results. This sums up the importance of using Woburn MA real estate brokers. Contact Scott Strang at 781-646-7600 or scott@scottgg.communityhomesforsale.com for additional advice.
