While being able to present and negotiate multiple offers is an enviable situation to be in, it also increases the potential for confusion and missed opportunities. However, by following certain steps and procedures, real estate professionals can avoid the risk of complaints and lawsuits, and help both the seller and buyer understand their options clearly.
The Problem of Mold
Mold is “the fungus among us,” proclaimed a March 2002 Kansas City Business Journal headline after a jury awarded $32 million to a Texas woman who had claimed mold in her home had left her husband brain-damaged and herself and her son sick. While the Texas case may be one of the largest verdicts in a mold case, it’s far from the only one. As a real estate professional, it is important that you understand the questions being asked.
No real estate professional ever expects to get sued. And if you’re lucky, you won’t find yourself sitting across the aisle from an angry homeowner. But the unexpected does happen, so it’s important to be prepared. And a key to being prepared is to document everything.
In business transactions, it’s the details that
count—whether you’re buying a used car or negotiating a corporate
merger. In the real estate world, that means—above all—making sure you
disclose what you know or discover about the property or land your
client is interested in selling. And it’s not just disclosure that
counts, but the adequacy of that disclosure.
Your Duties as a Real Estate Professional
Five steps to better client relations. 1. When in doubt, disclose. If you’re a real estate agent, disclosure should be your mantra. If you know something that is or could be important, you should make sure that your seller discloses that fact. Otherwise you too could be looking at a lawsuit.