When buying a home choose your Real Estate Agent wisely!

When buying a home there are several tips to choosing a great Real Estate Agent.  Firstly you should make sure that your Real Estate Agent is licenced.  Check your local state consumer protection agency for this information.

Secondly you should do some research so that you understand the sale prices of homes for rent or sale in the area.  An independent valuation may assist with this.

Next you should make sure that you read contracts and documents carefully before signing and enlist the help of an experienced conveyancing Lawyer.  Ask your Lawyer for explanations to ensure you understand –

  1. The costs involved and what they will cover;
  2. Any limitations;
  3. Lease or Settlement time frames and any cooling off periods.

You should ask yourself whether the information the Agent has given you is fair and accurate and finally NEVER sign blank sales authorities, contracts for sale or rental agreements.

Real Estate Agents are required to observe rules in their industry and they have obligations to –

  • Not intentionally mislead you;
  • Not lead you to a wrong conclusion or impression;
  • Not give you a false impression;
  • Not leave out or hide important information; and
  • Not make false or inaccurate claims.

If makes no difference whether the agent meant to mislead or deceive you, it is how you perceived the conduct that matters.

Agents are not allowed to make falst or misleading claims.  It is important, to reduce the chances of being misleading, that Real Estate Agents take care to –

  1. Disclose all information relevant to the price of the property;
  2. Advertise the selling price based on a reasonable market appraisal or the price the seller has indicated they are likely to accept;
  3. Not make false claims about the price of the property;
  4. Not advertise or under quote a property at a price significantly less than the selling price to attract interest in the property; and
  5. Not make false claims about the location, characteristics or use that can be made of the land.

A Real Estate Agent might make false claims about the price by –

  1. Advertising a property as ‘passed in’ at a price higher than what was actually bid at an auction;
  2. Claiming that the vendor has already rejected offers more than the buyer is willing to pay, when no such offers have been made and/or rejected;
  3. Advertising a property at a price that is less than a previously rejected offer unless the seller is now prepared to accept a lower offer.

If you need help selling or buying a property, it is important to have an experienced conveyancer representing you to ensure your interests are protected.  Geoff Brazel has been looking after the conveyancing needs of the Central Coast since 1981.  Call Geoff on 4324 7699.