My Blog

Fiduciary Duties

3/11/2016

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.

Think Outside the Box

3/9/2016

Welcome to my Think Outside the Box Real Estate Blog!

Too often, buyers, sellers and especially real estate agents keep thinking along the same old lines they have for years without ever challenging conventional wisdom, conventional practices, and conventional solutions to real estate problems or issues.

Why is this? Because there is comfort in numbers. Comfort in being the same as everyone else. Comfort in not rocking the boat. Comfort in approaching the real estate business just like everyone else does.

Most people don't like change. But change is inevitable and one either changes with the times or gets left behind.

So if you would like to read up on some insights about how to sell and buy homes better than the same old way we have been doing it for the past 20 years, check in on my blog from time to time. I'll be talking about innovative practices that benefit both sellers and buyers.

Until then Happy Home Hunting and Happy Home Owning!

 

Jack Ryan

 

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