A Realtor’s® Obligation
The winds of change have blown through our legal system over the past years and Real Estate law has been no exception.
The legal obligation of Realtors® to buyers and sellers is more clearly spelled out by law than it ever has been and this trend will no doubt continue. Realtors® are held legally and financially liable if they fail to follow proper business practices.
The Realtor® who lists your home is working for you and will attempt to obtain the highest selling price possible for your home. Law obligates a listing agent, to disclose all known defects to potential purchasers. The Realtor® who works for the purchaser works to help locate a desirable property and then negotiate the best deal possible.
Both Realtors® must treat what their clients tell them as confidential. A seller's agent would know the lowest price the seller would take and the buyer’s agent would know his clients maximum potential offer but cannot disclose this information. Their job is to act as their client's negotiator.
If a Realtor® is acting for both the seller and the buyer, there must be written consent by both parties. The Realtor® can disclose only what they are specifically told to reveal by either party.