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REALTOR® Emeritus |  |  | | ||
|  Fifteen Benefits of Working with a Buyer’s Representative Advanced tip Understanding Agency Broker tip Contract Terms for Buyer’s Representatives Qualifying the Buyer Advanced tip How Well Do You Listen? Advanced tip Who Are Today’s Buyers? Advanced tip Advanced: Psychographics —Understanding Buyer Motivation Prospecting for Buyers Working with Internet-Empowered Buyers Servicing the Buyer Advanced tips Closing the Deal Advanced tip Due Diligence and Disclosure Advanced tip Staying Safe While Showing Homes Broker tip When to Call It Quits Quiz: Buyer’s Representation Bright Ideas: Working With Buyers Code of Ethics: Working with Buyers More Resources: Working with Buyers Vendor Resources: Working with Buyers | DUE DILIGENCE AND DISCLOSURE For the Advanced Salesperson Not Knowing What You Should Know Even when you think you've exercised due diligence in obtaining information about a property and informing the buyer, you can still miss the mark. Marcie Roggow, ABR, author of Buyer Representation for the Real Estate Professional, (Prentice Hall College Division; $8.20) offers this cautionary note. Q:What is imputed knowledge? Roggow: Imputed knowledge is the legal term for the presumption that what one person in a company knows, everyone in the company knows. The concept applies in all states except those where designated agency is legal or where the theory of imputed knowledge has been nullified by statute. It’s an important factor in an agency relationship. Q:How does imputed knowledge figure into a buyer agency relationship? Roggow: Suppose you're acting as a buyer’s representative and you negotiate a sale with a cooperating brokerage. The seller comes down from the initial asking price, but the buyer rejects the counteroffer and the deal falls through. Unaware of your earlier negotiation, another buyer’s agent in the same company shows that property to a client and recommends an offer that’s higher than the seller's counteroffer to your client. The offer is accepted, but the buyers find out later that they could have purchased the property for substantially less. The theory of imputed knowledge presumes that the second buyer’s agent had the same information as the first agent. In some cases, the courts might hold that the second agent didn’t fulfill the fiduciary duties of full disclosure and reasonable skill and care. Safety, next page > Note: This information provides general legal information and should not be relied upon as legal guidance. Before acting, both the relevant laws and legal counsel should be consulted. This information should not be construed as specific legal advice nor as an opinion on particular facts, cases, or situations. | Keep It Ethical Regardless of whom you represent as an agent in the transaction, their interest must be paramount. Article 1 |