Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Why trust is the basis for every real estate transaction

12/28/2016

Download PDF

A daunting document for agents and consumers alike, The Pennsylvania Association of Realtors’ agreement of sale has only grown in length over the years.

I wish I had more confidence that consumers fully understood what they were signing when they put pen to paper. Disagreements arising from real estate sales often involve assertions that the contract was not thoroughly explained. People should refuse to sign anything that is not crystal clear to them.

Consumers often complain that the paperwork has become too complicated. The documents we use are constantly reviewed at the state and local levels and most alterations reflect changing laws.

In Pennsylvania, we use a “fill in the blank form” approved at the state level. In addition, our Code of Ethics warns against “practicing law” so we are limited in what we can add to the standard form. The essence of the agreement is that it records the details agreed upon by the parties.

By making an offer, negotiating it and accepting a final version, both parties agree to perform certain tasks necessary to protect themselves as well as to satisfy the needs of the other.

Ironically, many of my older clients have commented that the current contract is less binding than a good old-fashioned handshake “back in the day.” Does a signed document really bind both parties?

Legally, I presume a properly executed and delivered contract is enforceable if a party wants to enforce it. But doing so, however proper it may seem, costs both dollars and time.

While I expect my client and the other principal to take the executed contract seriously, I have come to realize that all agreements, no matter how lengthy, detailed, or seemingly binding, are based on one simple word. That word describes what used to make a simple handshake so valuable: trust.

Once I return an executed contract to a real estate agent, I expect that agent, his or her client, and my client to live up to the responsibilities set forth within the agreement.

Anything that prompts a modification to the agreement should be properly reported and addressed in a timely manner.

Trust is expected. It can be reinforced or lost over the course of a single transaction. This unspoken promise carries forward as agents and consumers work together again and again.

Once lost, the path gets more difficult.

Andrew Wetzel is an associate broker with Long and Foster Real Estate in Havertown, Pennsylvania. Follow Andrew on Facebook or Twitter

Email Andrew Wetzel

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

March 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...