Realtors duties (What to expect from your realtor)
The new regulations of the Ecuadorian Commerce Act update some of the laws, including the realtors law published in 1984. Some of the changes include:
The contract with a realtor must be held in writing and signed by both parties, and the contract will include its length of duration of the contract and will clearly specify the realtor's fees.
Realtors are obligated to:
1.- Not present a contract stating that the agent, is acting as an exclusive sales representative, and that no other entity can sell the property, without payment to the originally contracted agent. In other words, exclusive listing agreements are not legally binding.
2.- Promote or sell pre-construction real estate offerings, without enough economic assurance/warranty from the developer or the seller for its completion. This means the realtor will have to perform due diligence in order to confirm the seller/developer has enough funds to successfully complete the project.
3.- Promote or sell real estate property at the planning stage, (OFF PLAN), of a project (Condo, urbanization, etc), without making sure the developer has formed/created a trust, (fideicomiso), to guarantee either the project termination or the reimbursement of funds in the case that the property cannot be delivered as contractually promised.
4-. Communicate all the circumstances and conditions of the real estate property, which they are marketing, to the interested buyers, especially all the information which will have a significant impact on the decision of the possible buyer.
5.- Keep records of all transactions handled by the realtor including the name, address, date, value, (sales price). and the exact description of the properties listed with realtor.
If you have questions about hiring a realtor email us at firstname.lastname@example.org to learn about your rights as client / seller / renter.
The EcuaAssist Team
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