Agents: Please add your ideas to the list on this topic:

One very important thing to me is making sure that buyers are serious. We offer experience in that we deal with buyers all the time and have a better sense if someone is serious or not. Not to mention we spend a lot of time and fuel running around with buyers, so we try to make sure to get them preapproved, before wasting a lot of time and getting a sellers hopes up.

AS-IS: That term is a big misunderstanding I've found. As-Is does not mean that you do not have to diclose items that you are aware of, but it means more along the lines of you wish to do no repairs.

MLS Services: Not all real estate companies are members of a Multiple Listing Service, but it is a great service. MLS systems differ but this puts your property in view of other agents. It also allows us to search what is on the market and give you options as a buyer. The MLS allows us to see what has actually sold, days on market, and other information that will be helpful in determing a listing price for your property.

We view more homes than you do probaly so we can offer advice as to why the house up the road is selling and yours isnt. Ex.. The house up the road is the same as yours basically. Does it have a nicer kitchen? Remodeled baths? It sold but yours hasnt. We can usually look up what it actually sold for not what they were asking. Plus we can see if there were any concessions like closing costs, or a home warranty.

Knowledge: I think I learn something new in each transaction, but it helps down the line to try and make the next one go smoother.

Here is my contribution.
Fiduciary Duties Of A Real Estate Agent:
A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary. Other examples of fiduciaries are trustees, executors, and guardians.
As a fiduciary, a real estate broker is held by law to owe specific duties to his/her principal (the person who they are representing), in addition to duties or obligations set forth in a listing agreement, buyer representation agreement, or other contract of employment. These specific fiduciary duties include:
Loyalty
Obedience
Disclosure
Confidentiality
Reasonable Care and Diligence
Accounting

Loyalty
One of the most fundamental fiduciary duties an agent owes to the principal. The duty obligates a real estate broker to act at all times, solely in the best interests of the principal, excluding all other interests, including that of the broker.
Buyer’s Agent:
Must do everything possible to gain an advantage for the Buyer.

Obedience
An agent is obligated to promptly and efficiently obey all lawful instructions of his/her principal that conform to the purpose of the agency relationship. However, the duty does not include an obligation to obey unlawful instructions, such as instructions to not market a property to minorities or to misrepresent the condition of a property.
Buyer’s Agent:
Must obey all lawful instruction of the Buyer, is not obligated to obey instructions from the Seller.

Disclosure
An agent must disclose to the principal all known relevant and material information that pertains to the scope of the agency. The duty includes any facts affecting the value or desirability of the property, as well as any other relevant information pertaining to the transaction, such as the other party's bargaining position, the identity of all potential purchasers, information concerning the ability or willingness of the buyer to offer a higher price, any intent to subdivide or resell the property for a profit.
Buyer’s Agent:
Must tell Buyer everything they can find out about the Seller including the motivation for selling and any reasons the Seller may have for wanting a quick sale.
Must tell Buyer everything they can find out about the property, including any known or suspected problems with the property or area.

Confidentiality
An agent is obligated to safeguard his/her principal's lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal's bargaining position. The duty of confidentiality precludes a broker who represents a seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price. Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered for a property.
Buyer’s Agent:
Must keep all information about the Buyer confidential, including the Buyer's ability or willingness to pay more for the property than they are offering as well as the Buyers motivation for buying.

Reasonable care and diligence
An agent is obligated to use reasonable care and diligence when pursuing the principal's affairs. The standard of care expected of a buyer's or seller's real estate broker is that of a competent real estate professional. By reason of his/her license, a broker is considered to have skill and expertise in real estate matters superior to that of the average person.
Buyer’s Agent:
Must prepare themselves through education and study to competently represent the Buyer in all matters.

Accounting
An agent is obligated to account for all money or property that belongs to his/her principal entrusted to that agent. The duty compels a real estate broker to safeguard any money, deeds, or other documents entrusted to them relative to their client's transactions of affairs.
Buyer’s Agent:
Must account to Buyer for any money or documents entrusted to them.

It is important because ... A consumer who is self-represented in a real estate transaction, has a fool for a client. In the majority of transactions, the consumer, whether a buyer or a seller lacks both the knowledge and the experience to adequately represent themselves.

Therefore, a consumer’s best interest is usually served when they are legally represented in a fiduciary relationship, under either a listing agreement, a buyer broker’s agreement or both, by a knowledgeable, experienced and INSURED agent.

This ensures the agents liability in the event the agent fails to fulfill their fiduciary obligations to the client, through either errors and/or omissions and affords the client with the opportunity to seek legal recourse against the agent.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

Here is a list of things I do when representing buyers, it's not all inclusive:
When starting to work with a buyer months or weeks out:
1. Go over brokerage disclosure with buyer
2. Go over the Recommendation of using Legal and Tax Counsel
3. Go over Time of Essence, Default and Remedies
4. Go over Mediation and Earnest Money Disputes
5. Go over Modifications and Survival of Agreement
6. Go over Notice, Delivery and Choice of Law
7. Go over ALTA Plain Language Owner Extended Coverage
8. Go over Brokers Compensation
9. Explain the benefits and liabilities of using a Buyer Agent:
a. Not a Dual, Transaction Broker or Sub-agent
b. Vicarious Liability Protection
c. Known Disclosure Requirements
d. Relocation Benefits (if applicable)
e. Act as Intermediary
f. Company Policy as to In-House Sales
g. Designated Broker Policy
h. Buyer Agent Disclosure requirements
10. Find out buyers needs as to size, price and location
11. Sign Buyer Broker Agreement
12. Meet buyer at lender & get GFE
13. e-mail a lists that meets their needs
14. After a few lists find out if it’s applicable or to make changes
15. Preview homes if time permits
16. Check with lender about buyer qualification & get pre-qual letter
17. When meeting with buyer 1st time in the office, reaffirm requirements
18. Do buyers want to see FSBO’s and should I look for them?
19. Depending on buyers timeframe tour target neighborhood & look at homes
20. Upon home selection, write the offer accompanied with earnest money
21. Depending on the offer price, a CMA might be needed prior to
22. Make an offer strategy
23. Address inclusions & exclusions of Property

24. Go over the following Documents with the Buyer
a. Review Sellers Property Disclosure
b. Review Square Footage Disclosure
c. Review Mold Disclosure
d. Review Water Source Disclosure
e. Review Lead Based Paint Disclosure (if applicable)
f. Review Special Taxing Districts (if applicable)
g. Go over Inspection Report
h. Go over the Closing Instructions
i. Well Transfer Document (if applicable)
j. Meth Lab Disclosure

25. Offer is accepted, follow the timelines for:
a. Alternative Earnest Money Deadline (if applicable)
b. Loan Application Deadline/Senior and Junior Loan
c. Loan Conditions Deadline
d. Buyer's Credit Information Deadline (if applicable)
e. Disapproval of Buyer's Credit Information Deadline (if applicable)
f. Existing Loan Documents Deadline (if applicable)
g. Existing Loan Documents Objection Deadline (if applicable)
h. Loan Transfer Approval Deadline (if applicable)
i. Appraisal Deadline
j. Title Deadline (I meet you to review)
k. Title Objection Deadline
l. Survey Deadline
m. Survey Objection Deadline
n. Document Request Deadline
o. Common Interest Community (CIC) Documents Deadline
p. CIC Documents Objection Deadline (I meet you to review the following)
1.) Are there any unpaid expenses or assessments on the property?
2.) Are there any unpaid special assessments on the property?
3.) Are there any unpaid liens on the property?
4.) Are any special assessments being contemplated on the property?
5.) Are any increases being contemplated to the periodic fee?
6.) Is there a monthly association fee?
7.) Is there a quarterly association fee?
8.) Is there a semi-annual association fee?
9.) Is there an annual association fee?
10.) Is the property subject to more than one association fee?
11.) Must a buyer prepay monthly association dues at time of closing? If so, how many months?
12.) Is a working capital reserve deposit required from the buyer?
13.) Is a transfer fee imposed by the association upon sale of the property?
14.) Is a fee imposed by the association for providing a status letter?
15.) Is there a charge for common area access devices? (pool keys, common hallway keys, etc.)
16.) Are any other fees imposed by the association upon sale of the property?
17.) Are there any violations of covenants that the seller has been advised of?
18.) Are there any existing or pending law suits against the association and/or the property?
19.) Is the association still under the control of the developer?
20.) Is there any damage to this property, any common areas, any adjacent properties, or violations of the covenants or rules and regulations that could cause a lien against the property?
21.) Is the sale of this property subject to a right of first refusal by the association or a member?

22.) Does this property include the use of?
Deeded Exclusive use
(a.) Storage unit(s)
(b.) Parking space(s)
(c.) Carport(s)
(d.) Garage(s)

23.) The regular association dues includes the following:
Management
Insurance premiums
(a.) Structure(s)

(b.) Common area liability
Common area/element repair, maintenance or replacement
Trash collection
Water
Sewer
Heat
Hot water
Snow removal
Roof
Indoor swimming pool
Outdoor swimming pool
Hot tub
Tennis court(s)
Club house
Perimeter fencing
Cable/satellite TV
Gas service
Electric service
Road maintenance
Common area utilities
Exterior maintenance
Other

q. Off-Record Matters Deadline
r. Off-Record Matters Objection Deadline
s. Right of First Refusal Deadline (if applicable)
t. Seller's Property Disclosure Deadline (we will review together)
u. Inspection Objection Deadline (I meet you at the inspection)
v. Inspection Resolution Deadline (identify repair items to be corrected)
w. Property Insurance Objection Deadline (CLUE Report/Insurability)
x. Closing Date & Final Walk-through (I meet you at walk-through)
y. Possession Date & Time
z. Acceptance Deadline Date & Time


26. Prior to closing:
a. Contact Utility Companies (I have list)
b. Contact Home Owners Insurance, location of Hydrant and closest Fire Dept
c. Review HUD 1 and provide copy to buyer
d. Get cashiers check made out to Title Co.

27. At closing:
a. Make sure everyone has all required docs
b. Get keys & Garage door openers

Pike, It’s a great To-Do List and agents would be wise to not only copy it, but to use it and document everything relevant and material in connection with a real estate file.

Further, they should be able to show that they have an establish procedure which they follow on a consistent basis, which in the eyes of the court lend credibility to an agents testimony should it ever be required.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

Fantastic post pike! Showing that to a buyer would be very powerful.

do you have a list like that for your sellers as well. Would you be so gracious to share that one?

I don't have such a list for sellers, but I think I will start one.
My CMA is like a book, I even bind it myself. I think I need to update some areas, but as a minimum it covers this: (which I just compiled)
Cover page (Address, Picture of House ,Owners Names, my contact info.
My mission Statement
My Resume
Questions to ask a REALTOR before you sign anything
Title/Ownership data of Subject Property (O&E)
Plat Map of Subject Property
What a good market analysis is
The affects of overpricing
The Primary reason a home sells
Homes like yours currently on the market
Homes under contract
Homes recently sold
Homes that expired (sometimes I don’t show)
Other Properties for sale in your neighborhood
Summary data and value adjustments
Our Marketing Plan
Points to help in the sale of your home
Pricing Guide of listing –High-Mid-Low
Clients safety plan
Expect the unexpected
Making the move easy on kids

For the listing contract and disclosures I'll start a list like I did for buyers. However, you might want to go over your state contract and location specific requirements and be "the first on your block" to have one.

I see what I can do.

Cool - do you have a comb binder?

Yes, I picked one up like this on e-bay several years ago.


http://tinyurl.com/22qvs2