Have you ever wondered what a real estate agent Melbourne does when helping you buy or sell a house? You might think they show you houses and help you pick the best one, but their job is much more important. They have certain legal responsibilities that help protect you during the entire process.

Whether buying your first home or selling your current one, understanding what your real estate agent is legally required to do will help you feel more confident. This post'll explain everything you need about your agent's duties and responsibilities in a property transaction. Stick with us; by the end, you'll be an expert on what to expect from your agent!

Trust and Loyalty in a Real Estate Agent Melbourne

A real estate agent has an important job: always putting your best interest first. This is called a fiduciary duty. They have to treat you with trust and loyalty. This means that your agent should be honest with you, keep your information private, and give you advice that helps you, not just themselves.

For example, if your agent knows about a better deal on a house that could save you money, they must tell you about it. They can't push you toward a home because they would make more money. Their loyalty is to you, and they must always act in your best interest.

Duty to Tell the Truth: They Must Be Honest About the Property

When buying or selling a home, your real estate agent is legally responsible for telling you the truth about everything. They must let you know if there are problems with the house, like mold, leaks, or cracks. This is called the duty of disclosure.

Let's say you're about to buy a house, and the agent knows there's a broken pipe in the basement. They must tell you this before you buy it, so you're not surprised later. This rule helps you avoid problems and ensures your agent doesn't hide anything important.

No Lying or Misleading You: Keeping It Real

If you're working with a realtor Melbourne, you want to make sure they're being truthful with you. After all, you don't want to end up with a bad deal because they gave you false information. Your realtor must always be honest, especially about the price of the house and any issues it might have.

If a seller has made big changes to a home, like adding a new roof or changing the layout, the agent must tell you about it. It's all about knowing what you're getting into before you buy or sell. If an agent gives you misleading information, they could get into serious trouble. 72% of home buyers said they expect their real estate agent to keep them informed throughout the buying process, according to a 2021 survey by the National Association of Realtors (NAR).

Helping With Negotiations and Contracts

Regarding price, your real estate agent will help you negotiate with the other party. They make sure you get a fair deal. But it's not just about arguing over prices—they also help write the contract that says what everyone agrees on.

Once you agree on a price, your agent will help write the contract. They need to ensure that everything is clear and you understand what you're agreeing to. For example, if there's a deadline for the buyer to get a loan, your agent will ensure that's in the contract so no one forgets.

Key things your agent handles:

• Helping you agree on a fair price

• Writing the contract to make everything official

• Making sure you understand all the details

• Keeping track of important deadlines

Following Your Instructions: They Have to Listen to You

One of the most important things to remember is that your real estate agent must follow your instructions. They need to do it if you tell them to list your house for a certain price or only accept offers above a certain amount.

Let's say you tell your agent you don't want to sell for less than $250,000. If someone offers $240,000, the agent can't accept that offer without first talking to you. They might recommend against it, but at the end of the day, it's your decision. The agent makes sure everything goes according to your wishes.

Knowing the Law: They Need to Follow Rules

Numerous guidelines govern real estate transactions. These guidelines are to guarantee legal and fair behavior. Your real estate agent must abide by and know these rules. This covers ensuring the property meets all municipal regulations, follows fair housing guidelines, and proper zoning.
Your agent should never treat someone unfairly due to ethnicity, gender, or religion, for instance. They also have to guarantee that the residence is in good shape. Your agent should keep everything above board since you can be in trouble if they break the policies.

Keeping Your Money Safe: Handling Funds Properly

Money is often involved in a real estate transaction before everything is final. Your real estate agent must ensure any money you send, like a deposit, is handled properly. They should keep this money in a safe escrow account until the deal is done.

When searching for a real estate service near me, choosing someone who will handle your money carefully is important. You want to know that the money you send is going to the right place, and it's your agent's legal responsibility to do this correctly.

What Happens If They Don't Do Their Job?

Should a real estate agent violate these guidelines, they run legal risk. Should the worst come true and they inflict any damage or losses, you could be able to sue them. Working with an agency you trust is thus quite vital. You want someone who will always put you first and abide by all legal guidelines.

Conclusion

Understanding the legal responsibilities of a real estate agent Melbourne is essential when buying or selling a property. They have a lot of important duties, like being honest, protecting your money, and following your instructions. Knowing these responsibilities will help you feel more confident and secure in your real estate journey.

If you need a reliable and professional agent, look no further than Aura Caruso, Realtor - Century 21 Lighthouse Realty. Aura ensures every real estate transaction is handled legally, fairly, and with your best interests in mind.