As a home buyer or home owner, you have the choice of selecting a real estate agent to lend support and promote your best interests. Merely working with real estate brokers does not create this relationship. There is commonly an agreement that creates the agency, responsibilities of real estate brokers, and your duties. The following are facts on the importance of being represented by real estate agent in Farmington Hills Michigan.
Real Estate Brokers Fiduciary
Federal law mandates that agents carry out specific duties to their clients once they enter into an agency relationship.
Accounting
Agents must accurately know the transfer of all deposits related to a transaction. This refers to security deposits submitted and the return of said funds where necessary.
Timely Action
Agents must perform tasks and honor wishes in a timely manner. This could be imperative in situations with multiple offers. This is also important once a home is under contract and must abide by specific deadlines.
Following Instructions
Agents must respect instructions from clients. For instance, sometimes clients ask their Realtors to write an offer that the agent disagrees with. Real estate agents must abide by those requests despite the disagreement.
Conscientiousness
Real estate professionals have a fair amount of knowledge when it comes to real estate issues and on the real estate process, but they do not have expertise in corresponding fields (such as contract writing). For guidance on matters beyond their responsibilities, they will refer you to appropriate resources.
Disclosure
All real estate agents must provide details on important facts about a home,…usually called material facts. The duty to disclose also applies to any details that may determine feelings about a home or improve negotiating position.
Maintaining Confidentiality
Agents must maintain confidentiality of client information. They must not disclose anything about your business, finances, or motivations unless asked by you or mandated by a court of law to do so. This responsibility extends even after closings.
Allegiance
Agents will promote the best interests of their clients above all other individuals, themselves included. Compensation, particularly in competing offer situations, should not be an influence and would be a conflict of interest. Confidentiality is also a factor of loyalty.
The Importance Of Being Represented By Real Estate Agent In Farmington Hills Michigan
Selecting an agent has many advantages. Beyond the items above, real estate brokers have an even more influential role of facilitating interactions between buyers and sellers. The real estate process can be very stressful. Having the advice of an individual that promotes your interests but is emotionally uninvolved will improve interactions and lead to desirable conclusions. This summarizes the importance of being represented by real estate agent in Farmington Hills Michigan. Contact Tom Gilliam at 248-790-5594 or [email protected] for additional guidance.