If you are a home buyer who has enlisted the assistance of a real estate agent in finding a new home, it is important to be aware of what to look for and expect from your real estate agent. As a real estate agent, a realtor owes a client a variety of duties under the law. A realtor’s failure to follow these duties can cause harm to the buyer, as well as possible sanctions for the real estate agent.

All real estate agents have a duty to act with their client’s best interest in mind at all times. This means disclosing any important information to a client that would impact their decision to purchase a particular home. If you are considering buying a particular home, your realtor should provide you with the price the house previously sold for. The realtor should also provide you with information about the purchase price of similar houses in the neighborhood.

Occasionally, real estate contracts will include a provision that provides the realtor a bonus if the property is sold in a certain amount of time. This provides realtors with an extra incentive to help a property sell quickly. If you are about to enter into a contract to buy a house, make sure to ask your realtor if there is any provision like this in the contract. The realtor has a duty to explain to you in detail what this provision means, and why they receive the bonus.

The attorneys and staff at Ritter & Randolph, LLC have experience drafting and reviewing real estate purchase contracts on behalf of their clients to ensure that the best interests of their clients are represented and protected.