During a real estate transaction for Mount Pleasant homes for sale, having a realtor to represent you when buying or selling property is a huge plus. Every agent that undertakes the selling or buying of real estate is considered to be fiduciary. To the law, fiduciary duties are known to be among the highest. In addition to any obligations set in a listing agreement, a realtor will be held under the law to owe specific duties to a client.
As a fiduciary, a realtor is obligated to account for every property or money entrusted to him or her. This duty compels the realtor to safeguard deeds, money, and any other documents related to the client’s transactions. The realtor is expected to give an accurate reporting of all monies, and their ultimate disposition is a complete fiduciary responsibility.
In Canada, the law requires that the realtor discloses material facts–those that could significantly affect the decision to buy or sell–to the client. Besides, any information that the agent knows that would benefit the client should be shared. This means that if you are selling your house, for example, and your agent feels that there are elements affecting the value of your property, they should disclose it.
A Mount Pleasant real estate agent, such as from Real East Van, as well as elsewhere, is obligated to safeguard the secrets and confidence of the client. It means that confidential details that could weaken the bargaining power of the client if revealed are kept secret. With this duty, you can be sure that the realtor is representing you, if you are a seller, is prohibited from disclosing to a buyer that you can sell your property below the listed price.
An agent is expected to abide by the laws of real estate and obey promptly. It is necessary to note that this duty exempts unlawful instructions. For example, a seller should not expect an agent to misrepresent the condition of the property based on obedience. Agents know that compliance with unlawful instructions could breach their duty of loyalty.
An agent is expected to use diligence when pursuing the affairs of the client. The agent is expected to use superior knowledge when negotiating for the client. It means that clients under the assistance of an agent will get proper advice on inspections, price, repairs, negotiations, and other transaction facets.
Fiduciary Obligations, Real Estate Manitoba
Role of Real Estate Agents, Legal Line