Few events in life elicit emotion like buying or selling a home. From the jangled nerves of a homeowner hoping to sell his property to the built-in anxieties buyers face, real estate can be a high-stress business. In fact, moving is one of the five most stressful experiences in life.
Rising Danger of Law Suits
No matter how well you do your job, there are simply going to be some unhappy buyers and sellers. Realtor Magazine refers to today’s market as a “legal battlefield.” According to the magazine, the rise in law suits against Realtors is due to a number of issues, including the increasingly complex nature of the business and sheer number of rules that Realtors need to follow in order to be in compliant. To add to the suing frenzy, The Mortgage Relief Project tells its readers that suing their mortgage brokers will “put them in control,” making it no wonder that Entrepreneur calls working with a good lawyer crucial to any successful business.
Professional Compliance Advice
Much like having an annual physical exam or hiring a CPA to work on taxes, seeking compliance advice through a reputable attorney is less of a luxury and more of a must-do. Inman – a leader in real estate industry news – says agents should lean on the side of preparedness by educating themselves about potential issues, including ever-evolving professional compliance.
Remaining compliant does more than protect you from lawsuits. It also helps seal your reputation as an ethical businessperson.
Staying Atop Regulations
The attempt to keep abreast of current regulations in the real estate and mortgage industry can be frustrating. It may help to remember that each of the myriad of rules was created to strengthen laws against unfair and deceptive practices in real estate and lending. Across the board, Realtors and mortgage brokers have a clear picture of what is expected of them, legally and professionally. You may also benefit from working with an attorney well-versed in real estate and mortgage law – someone who can help you stay afloat in a sea of regulations.
Give the Bernard Law Group a call at (203)-805-4521 for all professional compliance advice.