Secrets of hiring a real estate professional

In most real estate transactions, sellers pay a commission to the broker who lists their home and the broker who sells their home. The broker who lists the home is legally obligated to represent only the seller's best interest. They are compelled to ignore the buyer's interests.

You must hire a competent broker who will be legally obligated to protect and serve your interest, even though the seller would pay their fee. Would you ever go to court and ask the opponent's lawyer to look after your welfare?

Responsibilities of a broker to his clients

Washington State has categorically defined seven key responsibilities and obligations that a broker owes to clients. A list of those obligations in a slightly modified form is below:

(a) To exercise reasonable skill and care;

(b) To deal honestly and in good faith;

(c) To present all written offers, written notices, and other written communications to and from either party promptly, regardless of whether the property is subject to an existing contract for sale or the buyer is already a party to a current contract to purchase;

(d) To disclose all existing material facts known by the broker and not apparent or readily ascertainable to a party; provided that this subsection shall not be construed to imply any duty to investigate matters that the broker has not agreed to investigate;

(e) To account promptly for all money and property received from or on behalf of either party;

(f) To provide a pamphlet on the law of real estate agency to all parties to whom the broker renders real estate brokerage services before the party signs an agency agreement with the broker, signs an offer in a real estate transaction handled by the broker, consents to dual agency, or waives any rights, under (four other regulations, which I have not specified here) whichever occurs earliest; and

(g) To disclose in writing to all parties to whom the broker renders real estate brokerage services before the party signs an offer in a real estate transaction handled by the broker, whether the broker represents the buyer, the seller, both parties, or neither party.

The listing broker, who represents the seller, owes these obligations only to the seller.

The State regulators have taken significant steps to protect the consumer. Yet, it is paramount that you, the consumer be diligent and cautious. By being knowledgeable about the industry and its inner workings, you will be able to protect yourself against even the unintended negligent conduct of an incompetent broker.

This burden ofbeing responsible for your actionshas also been placed on homebuyers by an underlying principle of real estate law, known asCaveat Emptor;Latin forlet the buyer beware.This principle holds that a property buyer must exercise proper care when purchasing real property. The buyer must conduct the appropriate research, exercise caution when acquiring a property, and make every reasonable effort to uncover any issues. A competent real estate broker can assist you with all of these things.

How do you identify agood broker?

You find a top-notch real estate broker the same way you'd find a good lawyer, doctor, dentist, gardener, house cleaner, or contractor. You start by ensuring they are appropriately licensed, adequately trained, and qualified to do what you may want to hire them to do.

In the case of a real estate broker, you can log in to the Department of Licensing's website and look up their record. You want to make sure that they do not have any outstanding complaints against them and have not been disciplined for incidents of inappropriate professional conduct.

A good broker is duly licensed and has a robust knowledge base in the real estate business and the neighborhood where you wish to purchase your home. They must also possess a solid understanding of the process of different types of real estate transactions and be knowledgeable about the peripheral services and personnel that become a part of the transaction.

There are ancillary courses and training available to real estate agents. You might see some letters of the alphabet after an individual broker's name on his business cards. As a consumer, you cannot put much stock in that. As an example, CNE stands for Certified Negotiation Expert. One could have taken that course for a couple of hundred bucks, either for a few hours in a classroom or online. I wonder if one can develop expertise in a complex subject such ascontract negotiationsin a few hours.

It is crucial that you find a broker who is going to serve your needs best. You are the ideal person to make that determination.

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