Real Estate 101 - Real Estate Brokers Responsibilities

As a home buyer or seller, you have the benefit of hiring a real estate professional to provide guidance and protect your interests. It involves more than speaking with real estate brokers. There is commonly paperwork that creates the agency, roles of real estate brokers, and your duties. The following are important details on the importance of representation real estate brokers in NC. 

Real Estate Brokers Responsibilities 

Federal law specifies that real estate professionals carry out certain responsibilities to their clients once they enter into an agency relationship. 

Accounting for Funds 

Real Estate Agents must accurately monitor and report the transfer of all money pertaining to a real estate transaction. This refers to earnest monies given and the release of said funds where necessary. 

Diligence 

Agents must complete responsibilities and comply with requests in a reasonable time frame. This could be even more important in multiple offer situations. It is also important after a property is under agreement and must abide by certain deadlines. 

Compliance 

Agents must obey instructions from clients. For instance, sometimes people ask their agents to write an offer with terms that the agent disagrees with. Agents must complete those requests even though they have a disagreement. 

Conscientiousness 

Real estate agents have a reasonable amount of knowledge when it comes to real estate issues and on the real estate process, but they are not experts in related fields (such as home repairs). For information beyond their knowledge, they must forward clients to other experts. 

Disclosure 

All agents must disclose all material facts about a home.  The responsibility to provide this information also applies to all information that might affect decisions about a home or influence negotiating power. 

Confidentiality 

Real estate agents are responsible for maintaining confidentiality. They must not reveal information about your business, financial affairs, personal affairs, or motivations unless mandated by you or ordered by a court of law to do so. This fiduciary duty never expires even after settlement.

Loyalty 

Agents will retain the best interests of their clients above any other party, themselves included. Compensation, particularly in multiple offer situations, must not be a factor and would be a conflict of interest. Keeping information private is also a factor of loyalty. 

The Importance Of Representation Real Estate Brokers In NC 

Hiring a real estate agent has many benefits. In addition to what is mentioned above. Real estate brokers have an even more important role of facilitating communication between parties. The real estate process can be extremely complicated. Having the involvement of a person that promotes your interests but is emotionally uninvolved can facilitate transactions and lead to beneficial results.

Contact Jake Allen at 704-412-7201 or jake@allenwayrealestate.com for additional information.