As a home buyer or home seller, you have the choice of selecting a real estate agent to lend advice and promote your best interests. Merely communicating with a real estate agent does not create this relationship. There is generally paperwork detailing the agency, responsibilities of real estate agents, and your duties. Below is an overview of why you should hire a real estate agent in Franklin TN and the Middle Tennessee area.
Real Estate Agent’s Fiduciary Duty
Federal real estate law specifies that real estate agents fulfill certain responsibilities to their clients once they formalize an agency relationship.
All agents must disclose all known facts about a listing, often known as material facts. The duty to provide this information also applies to all details that can affect decisions about a listing or influence negotiating position.
Real estate agents must maintain confidentiality of client information. They must not reveal anything about your business, financial or private affairs, or motivations unless instructed by you or ordered by a court to do so. This fiduciary extends even after closings.
Agents must comply with their clients’ instructions, as long as the requests do not violate any laws or contracts. For instance, sometimes clients ask real estate agents to write a low offer that the agent disagrees with. Real estate agents must complete those requests even though they have a disagreement.
Real Estate Agents must maintain the best interests of their clients above any other individuals, including themselves. Commission, particularly in competing offer scenarios, must not be a factor and would otherwise be disloyal. Keeping information private is also a facet of loyalty.
Why You Should Hire A Real Estate Agent
Selecting an agent has many benefits. Beyond what is listed above, real estate agents have an even more influential task of controlling interactions between buyers and sellers. The home buying and selling process can be extremely complicated. Having the influence of an individual that will protect your best interests but is not emotionally involved will facilitate transactions and lead to successful closings. This sums up the importance of getting representation from a real estate agent in Franklin TN or the Middle Tennessee area.