The decision between a house and lot and a condominium can be a daunting one. Both offer unique advantages and drawbacks, catering to different lifestyles and preferences. Here's a breakdown to help you choose the right fit for your needs: Photo from Canva House and Lot Pros: Space: More square footage , larger yards, and the potential for customization. Privacy: Greater sense of privacy and control over your surroundings. Outdoor Living: Enjoy the benefits of a garden, patio, or backyard for outdoor activities and entertaining. Appreciation: Generally, house and lot values tend to appreciate at a higher rate than condos . Cons: Upfront Costs: Significantly higher upfront investment , including the purchase price, land costs, and construction or renovation expenses. Maintenance: Requires ongoing maintenance and repairs , which can be time-consuming and costly. Location: May be situated further from urban conveniences and amenities. SMDC Lush Residenc...
Purpose
This policy establishes GoRA’s commitment to maintaining the highest ethical standards in real estate transactions by strictly adhering to a no-conflict-of-interest policy. This ensures that our clients receive unbiased and dedicated representation, free from any potential conflicts that could compromise their interests.
Definitions
Agent
A real estate agent is a licensed professional who acts as an intermediary between buyers and sellers in real estate transactions. They represent the interests of their client, either the buyer or the seller, and are obligated to act in their client’s best interest.
Dual Agency
Dual agency occurs when a real estate agent represents both the buyer and the seller in the same transaction. This can create conflicts of interest, as the agent has a fiduciary duty to both parties.
Limited Representation
Limited representation is a type of agency agreement where the agent’s duties are limited to specific tasks, such as providing information or facilitating communication between parties. It does not involve full representation of either party’s interests.
Policy Statement
GoRA will not represent both the buyer and the seller in the same real estate transaction. This means that we will never act as a dual agent, representing both parties simultaneously. Our agents will always represent either the buyer or the seller exclusively, ensuring that their primary loyalty and fiduciary duty lie solely with their designated client.
Rationale
Protecting Client Interests
Dual agency can create conflicts of interest where an agent’s duty to one client may be compromised by their obligation to the other. This policy ensures that our agents can fully represent their client’s best interests without any competing loyalties.
Maintaining Transparency
Transparency is essential for building trust with our clients. By clearly stating our no-conflict-of-interest policy, we demonstrate our commitment to ethical practices and ensure that clients understand our role in the transaction.
Promoting Fairness
A no-conflict-of-interest policy promotes fairness and equity in real estate transactions. It ensures that all parties involved have access to unbiased representation and that the process is conducted ethically.
Implementation
Disclosure
Our agents will clearly disclose this policy to all potential clients at the initial consultation.
Training
All agents will receive ongoing training on ethical practices and conflict-of-interest avoidance.
Enforcement
Any violation of this policy will be subject to disciplinary action, including potential termination of employment.
Exceptions
This policy may be subject to exceptions in rare circumstances, such as:
Limited Representation
In limited circumstances, where both parties are fully informed and consent, a “limited representation” agreement may be considered. However, this will only be allowed in cases where the potential for conflict is minimal and both parties have received independent legal advice.
Review
This policy will be reviewed and updated periodically to ensure its continued effectiveness and compliance with relevant laws and regulations.
Contact
If you have any questions about this policy, please use our contact form.
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