Mastodon Important Legal Safety Tips for RES agents-Part II

Important Legal Safety Tips for RES agents-Part II

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We had promised you to come up with more advice on important records to be maintained by the RES in the post, “Important Legal Safety Tips for RES agents-Part I.” So, to keep up to the promise, here we are with the important words for the RES agents.

During the real estate course, RES aspirants learn about how to lead a successful career as an agent. To become a successful agent, proceeding with successful transactions and adding more clientele is important. However, there is one another thing, which is important to have a successful career. It is keeping away from the legal miss-consequences. You can help yourself stay away from such consequences by maintaining the transaction records as per the country or state laws.
The RES should coordinate with the broker to enquire about those important forms which are required by the state and the local municipalities. It is then important for the RES to maintain these forms, so as to stay away from any complication at the later time.
No doubt, the property market sees changes every day. Some aspects are added to them and some are subtracted. It is the responsibility of the agent to stay updated about every new fact, and make the amendments accordingly. The ideal way is to create a checklist and make changes in it, as this would be much easier. Here, is a checklist, that you can follow and alter accordingly.

* Any counteroffers
* Addendums
* Agency disclosures
* Closing statement
* Copies of attorney's paperwork (for states where attorneys handle closings)
* Copy of seller's disclosure statement
* Copy of inspection reports
* Copy of pest report
* Copy of repair bills
* Common interest community disclosures
* Escrow instructions (for states with escrow)
* Lead paint disclosure (if built before 1978)
* Other disclosures
* Purchase agreement or offer and acceptance
* Preliminary title report
* Phone log/e-mail log

There are some other points, which should be recorded by the RES agent. These are:

  • Any transaction or discussion happened with the client. Maintain complete records for such transactions including date, time, along with the conversation/ discussion
  • In a confirmation or decline upon any issue, not only a record should be made, but it should also be signed by the client.
  • Records about the conversations or discussions with the appraisers, mortgage people, home inspectors, and others.

If you maintain these records properly, then these would help you stay away from any legal matter. So, to save yourself from any legal snags, start maintaining the records.

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