Real Estate Matters: 11.16.2021

PRESQUE ISLE, Maine (WAGM) -A real estate transaction can be quite emotional as it is. To help ease people through the process its important to have good faith and confidence in your realtor. Its the focus of this week’s Real Estate Matters. Shawn Cunningham reports.

The anatomy of a real estate transaction has many moving parts. But the relationship between a realtor and a potential buyer and seller is important. Even more important is a realtor adhering to a professional code of ethics...

Stephanie Fields Realtor, Fields Realty LLC.

“In performing their duties, a Realtor must comply with the organization’s code of ethics. This includes a financial (called fiduciary) and legal duty to clients, loyalty to clients, cooperation with competitors and honesty in advertising and statements. A Realtor must not interfere with another Realtor and their client if they are engaged in an exclusive relationship. The same principals hold true for real estate agents, with the entire industry being highly policed for unethical behavior by state law.”

Shawn Cunningham NO STANDUP

Included in that she says is an assurance that information regarding transactions is privileged information...information that’s kept confidential.

“typically all information is confidential...under the code of ethics we have standards of practice and the obligation of the realtor it to reserve confidential information as defined by state law...”

On the flipside, its important realtors have a comraderie and mutual respect for other individuals and industries involved in a real estate transaction...

“we can give a list for inspectors in the area we are not supposed to offer advice on plumbing structural defects electrical work anything that is out of our scope of expertise we can suggest or recommend several people to call during the do diligence period but we are supposed to not offer advice in fields we are not an expert in..”

Trust is earned. But in a real estate transaction is should come up front, especially when it comes to safeguarding financial information.

“realtors typically learn sensitive information especially when it comes to personal financial details and we should not be disclosing why somebody is selling for if they lost their job there’s a mortgage on the house we are not supposed to tell the buyers or interested parties the motivation for selling

Keeping mum is motivation for preserving a good real estate transaction relationship. And building a solid reputation as a realtor you can count on. Shawn Cunningham NS 8

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