Material Facts: Five important points for Agents to know
- Open Communication is a MUST: when it comes to real estate, sharing all the essential details with everyone involved is a big deal. It’s not just a good practice; it’s a rule Agents have to follow under the Code of Conduct.
- What are Material Facts? Material facts could matter to someone deciding to buy a property. These could include building approvals, potential issues with the property, or even what’s happening around the area. Agents must be on the ball, finding out and sharing these facts.
- When and How to Share: Agents need to be smart about when and how they tell people about these important facts. Some details can be in regular property listings, but others, susceptible ones, should be shared when a Buyer seriously thinks about a property.
- Legal Stuff and Responsibilities: If an Agent doesn’t share important facts and causes problems, they could face legal action. Agents have to act in the best interest of the property Owner, but they also must be fair and honest, even if it means saying something that might not be great for the sale.
- Tips for Agents: Agents should be proactive to keep things legal and fair. They must ask about important stuff, use good judgment, and be honest. Staying on top of local news and sharing crucial information ensures smooth and honest real estate deals, making everyone happy.