Managing finances and assets like real estate on your own can be very challenging. Especially if you’re an older person or recently suffered an unexpected tragic event that affected your lifestyle and life in general. Now, what should you do? Simple, look for a real estate agent to assist you. But what exactly will be the duties of such agents upon hiring? Well, quite a number actually. The following are 4 of the common fiduciary duties of these agents. Please read on.
Choosing an agent to represent you or a family member will mean that you’ll provide the agent with some of your key personal information important. The agent is not to communicate any personal information about you to anyone. So, unless you allow the agent to communicate some of this information, it is his/her duty to keep the information as confidential as possible. To increase your confidence in the agent you hire, you need to hire a reputable professional with experience and proper knowledge about professional fiduciary services.
It’s the duty of your agent to protect your needs and interests and not to primarily act to better themselves. There have been quite a number of cases arising where the agents tend to convince their clients to sell their home at a lower price to the friends of the agents. They will then sell the property at a somehow higher price later own. This is considered a violation of loyalty. The agents should not use this position to solely better their interests. Should you feel your agent is violating this duty, you should consider seeking legal practice and get justice of the same.
You will be hiring the agent to work on your behalf. This, therefore, means that it will be the obligation of the agent to follow all the instructions you’ll give. So, the agent should sell your house only if the potential buyer is willing to purchase within your specified range. However, there are some cases where your agent has a legal obligation not to follow your instructions, according to the Fair Housing Act. For instance, if you instruct your agent not to sell the house to a certain race, a disabled person, or someone living a certain lifestyle, the agent will not follow this order when selling your home. And this will not be a violation of his/her duty of obedience.
You will be entrusting your funds and real estate to the agent, who will then manage them for you during the time s/he will be representing you. It is, therefore, the duty of your agent to provide you with the details of every action taken during the management of your real estate. S/he should report the money received and paid out. The elder law protects the aged from any financial malpractices that they may be faced with as they carry own with their day-to-day life.
A real estate agent can be very useful when it comes to managing your finances and important assets. But finding an agent who performs his/her duties professionally and as required by the law may not be a guarantee. So, if your relationship with the agent gets sour, you should seek legal action on the same. There are several injury lawyers experienced in handling similar cases who can help you. Also, look out for relevant themed blogs for more information about federal duties of real estate agents and the rights you’re entitled.