March 11, 2016
When interviewing Realtors for the job of representing you, consider asking them if they know the 6 fiduciary duties agents owe their clients. These duties are required by Alabama License Law and the National Association of Realtors Code or Ethics which all Realtor members are bond to obey.
The duties can best be remembered by using the acronym 'OLDCAR.'
O stands for Obedience. It is your Realtor's duty to obey all your legal instructions whether or not he agrees.
L stands for Loyalty. It is your Realtor's duty to place your interests above all others. Above his. Above his company. And above the other parties in your transaction.
D stands for Disclosure. It is your Realtor's duty to disclose to you all the information that comes into his possession regarding your transaction.
C stands for Confidentiality. It is your Realtors's duty to keep confidential information about you to himself unless disclosing it is required by law, by duty, the information is public knowledge or you authorize the information may be disclosed.
A stands for Accounting. It is your Realtor's duty to be accountable for any of your monies that come into his possession.
R stands for Reasonable care and skill. It is your Realtor's duty to be careful and skillful handling your transaction.
So the next time you are interviewing a Realtor to represent you, after he has told you how great he is, go ahead and ask him if he knows the 6 fiduciary duties he owes you once you sign the bottom line.
Then decide if you want to sign the bottom line or not.