Investing in or selling off property is one of the most important financial decisions you will make in your life. Thus, more often than not, you are likely to hire a real estate agent so that you have an expert on your side who can guide you through the specifics on real estate. In order to maintain a positive and functioning relationship with your realtor, there are a few responsibilities they have to fulfill. If they fail to do so, you are being given services that are not suited to your interest and should seek out legal help, in order to protect yourself. However, in order to understand what course of action you should take, here is a list of duties your realtor should carry out.
1. Sign a Contract
When you hire a realtor, the first thing that needs to be done is drafting of the contract. This ensures that both parties enter into a legal relationship determined by the clauses and terms of the contract. Any deviance would entail that legal action could be taken against the party offending the contract. A contract goes a long way in determining what can be done and what cannot.
2. Remain Loyal
Any realtor you hire cannot, by law, use their position to promote the interests of their family, friends, colleagues, partners or, most importantly, their own. They must always act in ways that prove to be a benefit to you, the client.
3. Maintain Confidentiality
Throughout the course of the contractual relationship between a realtor and a client, sensitive information is exchanged, things like financial standing, source of income, mention of all assets, and influential circumstances. Your realtor is supposed to keep all this information confidential so that the transaction is not hindered in any way.
4. Follow your Instructions
When you draft a contract, you negotiate terms that are acceptable or not. As such, once the final draft has been created and agreed upon, it is the duty of your realtor to follow the instructions and terms.
5. Be Truthful
Your realtor should promote your interests. Part of promoting your interests is being honest with you about the circumstances that surround your transactions. They should use their experience in order to guide you for your benefit rather than the opposite.
Anytime a realtor decides to sign a contract and enter a legal relationship with a client, they must abide by the code of conduct. Their sole duty is to ensure that your real estate endeavors are catered to in a manner that benefits you greatly. If they do not adhere to their responsibilities and stray away from the formal agreement, they can be subjected to the punishments determined by the law. Depending on the circumstances, a realtor’s commission may be taken away, may be ordered to pay for damages, get suspended for violating the contract, have their license revoked, and face a prison sentence depending on the activities they carried out while working with you.