I just love this. The last few weeks while my Jeep has been in the shop, Old Blue has had quite a job to do. So the part about you are safe and in good hands is quite true. Old Blue was my first real estate car. Most people recognize her when they see me out and about. She gets more beautiful by the day. No regrets about the care I have given her over the years. OldCar is by far above par.
Yesterday I Brought My OLD CAR in For a Tune-up
It was needed and it's been a couple of years since the last review. Part of the mandatory requirements for license renewal was a class on Connecticut Real Estate Fiduciary Duties Review and Law Update.
The OLD CAR that got a tune-up were the fiduciary obligations we, as real estate professionals should use in our daily activities:
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.
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 abides by our code of ethics and respects our fiduciary duties.
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.
Yesteday I Brought My OLD CAR in For a Tune-up
Want to get more information on available homes or condos in the Central Connecticut area? Go to my MLSPulse Home Search site to sign up for ALL Connecticut property listings!
Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!
Visit my Short Sale Help site: www.ctshortsalessite.com
Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott
Ed Silva RE/MAX Professionals, www.edwardsilva.com 203-206-0754