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In many ways, the key to success is finding the proper balance. This applies to virtually every aspect of our lives. The search for balance generally involves tension between two or more competing interests. The successful person finds a way to properly balance the competing tensions in a way that maximizes the benefits of both.
For real estate brokers and agents, finding the balance is essential in many ways. Perhaps most difficult is the tension between efforts to market property and efforts to limit one's risk for a lawsuit.
For example, it would be wonderful to describe every property as if it was the perfect home. Obviously, it would increase the likelihood of selling the property at a desirable price. However, a representation of this nature would likely leave the agent and seller open to substantial legal exposure. Each aspect of the property that did not measure up to a level of "perfection" would be an appropriate basis for a successful lawsuit.
On the other hand, if an agent restricted all comments regarding a property to every conceivable problem, the prospects for selling that property would be severely hampered. The representations and disclosures would scare away prospective buyers, resulting in a very unhappy seller and a very hungry agent.
The key to success is striking the proper balance between overstating the attributes of a property and overstating the problems. The marketing of a property should be balanced with avoiding the risk of a lawsuit. It is critical is that sufficient information is provided in order to make an informed choice.
Copyright 2000 - Spile & Siegal, L.L.P.; Phone 818-784-6899; Fax 818-784-0176; E-mail: counsel@spile-siegal.com; Website: http://www.spile-siegal.com |
