LAURA'S LEGAL CORNER
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Dear Readers:
As you read these words, agents throughout Texas are looking at every possible way to decrease cost and maximize profits. This is something that happens to even the most successful real estate professionals at just about this time, each and every year. Winter slowdown is scary even when the market is hot; unfortunately, this year has been truly challenging. With that said, remember that the decisions you make right now about how you run your business will be the ones you live with for many months and years to come!
One of the highest risks in all of real estate sales involves acting as the listing agent when you are also the property owner. A similar situation arises when the listing agent represents a close family member, such as a parent.
If you think about how much state licensing agencies like the Texas Real Estate Commission (TREC), as well as Keller Williams, stress the importance of seller disclosure and encourage the distancing of the agent from the seller, even to the point of suggesting that the seller needs to fill out the TREC promulgated and/or TAR/ABOR disclosure forms, these facts alone are powerful evidence of the high risk nature of an agent acting as seller.
When the agent is also the seller, the professional licenses place a heightened expectation upon every single thing a seller might later be held by a court to have had a duty to disclose. In other words, the seller is not construed as a layman with a need to sell. Instead, the seller is expected to disclose all that a professional real estate expert would disclosure, with complete impartiality and none of the emotionality of a typical homeowner.
If you doubt any of this, just ask yourself: "Am I really as detached from the properties I own as I would be if I were representing someone?" Almost always, the honest answer is, “NO!”
Please take a moment to carefully review the following links that describe a seller's duty to disclose, as well as the forms for disclosure Keller Williams currently requires its agents to use. In your every real estate adventure we wish you the very best.
Texas Occupations Code (The Texas Real Estate License Act)
Please CLICK HERE
TREC Canons of Professional Ethics and Conduct for Real Estate Licensees (from the Texas Administrative Code)
Please CLICK HERE
Code of Ethics and Standards of Practice of the National Association of Realtors
Please CLICK HERE
Texas Association of Realtors Seller's Disclosure Notice
Please CLICK HERE
Laura Fowler and THE FOWLER LAW FIRM P.C . are very proud to begin their fifth year representing the Southwest and Northwest Keller Williams Market Centers , many of its wonderful agents and in turn their wonderful clients, family and friends. We are so grateful to so many of you who have helped to make our firm a success. The Fowler Law Firm P.C. is a full service law firm whose attorneys have many years of experience in the handling of real estate, family law, probate and estate, business formation and taxation. We never charge a client a fee or incur any expense until the client understands and agrees. In addition, we often counsel with your clients and friends and give them the information they need at no charge when we cannot truly be of service. For more information or to refer a matter to us please contact us at (512) 441-1411 or visit our website at www.thefowlerlawfirm.com .
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This information is
provided by Laura S. Fowler, Attorney at Law with
The Fowler Law Firm PC. It is not intended as a
substitute for careful review by legal counsel of
your choosing. We would be most honored to assist
you in your every real legal need.
Contact Laura
Fowler at lfowler@thefowlerlawfirm.com
or
call (512) 441-1411.
As with any legal
issues, please consult your attorney with
questions.
