Real Estate once upon a time was unregulated and a pretty casual business. Hand shakes and meaning well greased the wheels and properties changed hands with little regard for accurate documentation. Like everything else all that has changed and we professional Realtors have a CODE OF ETHICS that was first published in 1913.
Here is an excerpt from the Preamble to the Code of Ethics:
"UNDER ALL IS THE LAND. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. Realtors should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a beautiful environment."
It makes us proud to be Realtors®
The National Code of Ethics for Realtors provides many great benefits. Mainly it encourages full disclosure from the Realtor of any and all important information including defects of the property that are known. This helps everyone feel comfortable that the person selling the property is telling the person buying the property everything they know. The Code of Ethics also helps define the roles of real estate agents. In the first place, the selling agent represents the property owner and has a permanent responsibility to keep confidential information confidential even after the sale of the property. Likewise, the buyers' agent is responsible for the confidentiality of what is shared by their clients, too. So, it is a good idea to tell us everything you can that will help us help you!
Confidentiality is just one of the important aspects of the Code of Ethics. Other areas include the obligation of Realtors to present a true picture in representations of any property and accuracy and integrity in all communication with our clients and fellow real estate agents.
We at Lomenzo Properties are dedicated to the principles of the Code of Ethics and Standards of Practice established by the National Association of Realtors and to the clients and profession of real estate that it helps protect.