Representation and Agency in the Practice of Real Estate
Agency and other forms of client representation in the practice of real estate are continually evolving. Laws governing your representation of a client also depend on the state in which you're licensed in many cases. Learn about agency law, client representation, and disclosure here.
Consumer Consent & The ESIGN Act for Real Estate
In 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act (ESIGN) to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically.<p> To protect consumers, certain requirements must be met. Check with your state and title companies, and you may be able to use e-signatures on your documents for out-of-area clients.
In 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act (ESIGN) to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically.<p> To protect consumers, certain requirements must be met. Check with your state and title companies, and you may be able to use e-signatures on your documents for out-of-area clients.
DocusignŽ for Electronic Signature Services
Real estate brokers and mortgage professionals are beginning to take notice of the ability to use electronic signatures or e-signatures in their transaction documents. The UETA, Uniform Electronic Transactions Act as adopted by many states, as well as the federal ESIGN (Electronic Signatures in Global and National Commerce Act) make this viable in today's business world.
Real estate brokers and mortgage professionals are beginning to take notice of the ability to use electronic signatures or e-signatures in their transaction documents. The UETA, Uniform Electronic Transactions Act as adopted by many states, as well as the federal ESIGN (Electronic Signatures in Global and National Commerce Act) make this viable in today's business world.
The 6% Real Estate Commission is Sacrosanct - According to [i]60 Minutes[/i]
With controversy swirling about the Redfin Real Estate business model and the battle of Redfin with traditional brokers, it would serve well to look at some comparisons without the rhetoric and accusations from both sides. Standard commissions with a real estate professional on both sides are compared to removing an accompanying agent and rebate of some of the commission to the buyer.
With controversy swirling about the Redfin Real Estate business model and the battle of Redfin with traditional brokers, it would serve well to look at some comparisons without the rhetoric and accusations from both sides. Standard commissions with a real estate professional on both sides are compared to removing an accompanying agent and rebate of some of the commission to the buyer.
Mediation and Arbitration for Real Estate Disputes
I place of formal litigation, two alternative methods are used frequently for dispute resolution with regards to real estate transactions. These are mediation and arbitration. Real estate agents and brokers need to know the differences, appropriateness of each, costs, and whether the contract binds the parties to either or both.
I place of formal litigation, two alternative methods are used frequently for dispute resolution with regards to real estate transactions. These are mediation and arbitration. Real estate agents and brokers need to know the differences, appropriateness of each, costs, and whether the contract binds the parties to either or both.
Elements of a Legally Valid Real Estate Contract
Certain elements are required to make a contract valid legally. These are that it be for a legal purpose, voluntary, there be agreement as an offer and acceptance, the parties must be legally competent to enter into the agreement, and there be valid consideration or exchange of value.
Certain elements are required to make a contract valid legally. These are that it be for a legal purpose, voluntary, there be agreement as an offer and acceptance, the parties must be legally competent to enter into the agreement, and there be valid consideration or exchange of value.
The Forms of Client Representation
Knowing your duties and obligations in representing your client in a real estate transaction is critical. These obligations vary depending on your status. Are you an agent, subagent, transaction broker, etc? Learn what they mean here.
Knowing your duties and obligations in representing your client in a real estate transaction is critical. These obligations vary depending on your status. Are you an agent, subagent, transaction broker, etc? Learn what they mean here.
How Agency is Created in Real Estate
Agency is a representational status that defines the duties of the agent and the rights of the client. An agent has fiduciary duties to the client evolved in common and statutory law. There are two ways to create agency, express and implied.
Agency is a representational status that defines the duties of the agent and the rights of the client. An agent has fiduciary duties to the client evolved in common and statutory law. There are two ways to create agency, express and implied.
How a Real Estate Agent's Fiduciary Duties are Like an OLD CAR
A real estate agent who takes on the capacity of "agent" for her client then takes on the duties developed over many years in common law. These include Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care.
A real estate agent who takes on the capacity of "agent" for her client then takes on the duties developed over many years in common law. These include Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care.
Client Remedies for Breach of Real Estate Agent Fiduciary Duties
If a real estate agent breaches their fiduciary duties to a client, the client has available the remedies of rescission of the contract, forfeiture of commissions of the agent and/or damages.
If a real estate agent breaches their fiduciary duties to a client, the client has available the remedies of rescission of the contract, forfeiture of commissions of the agent and/or damages.
Addendum or Amendment - Know the Difference
Real estate agents need to be sure that they know the difference between an amendment and an addendum to a real estate contract or purchase agreement. Using the wrong document could lead to more than just a red face. An amendment changes an already-executed agreement, while an addendum is an additional document included in the original agreement.
Real estate agents need to be sure that they know the difference between an amendment and an addendum to a real estate contract or purchase agreement. Using the wrong document could lead to more than just a red face. An amendment changes an already-executed agreement, while an addendum is an additional document included in the original agreement.