According to Realtor magazine, lawsuits concerning contracts can be filed up to 10 years after a transaction, so it is important to keep the files meticulously organized and stored in a safe place. With the current high level of real estate market activity, lawsuits against realtors, brokers, mortgage lenders, appraisers and other real estate professionals are on the rise across the country.
According to Niles, Barton & Wilmer LLP law firm, there is an emerging trend in lawsuits against real estate professionals for exaggerating the features of a property. When facilitating a sale or purchase, Agents/Broker must be honest about features of the property. Over-inflating features and/or exaggerating the qualities of a property can become problematic when the buyer moves into the property and feels misled because the property does not have the features that it was advertised to have at the time of sale.
What can Real Estate Professionals do?
Agents/Brokers are advised to keep copies of the following additional records to guard against such claims:
- Backup documents that demonstrate that the property was priced properly and promoted legally. These include comparable sales data, sales brochures on the property, the MLS listing, property advertisements, and a list of other properties the buyer was shown prior to the accepted offer. These documents can be invaluable if you’re charged with a exaggerating of property features.
- Documents that pertain to the physical condition of the property and land, including land surveys, inspections (current and previous, if the sellers kept them), the preliminary title report, permits, receipts from the seller for repairs made before sale, and current repair receipts for agreed buyer-requested repairs. These types of documentation will be valuable if questions arise about disclosure of known defects.
- Correspondence, e-mail, faxes, and notes of phone calls and conversations between the principals and the sales associates, as well as with third parties, such as escrow or title agents, inspectors, or repair people. For example, if you received two offers for a property, be sure you have documentation of the date and time offers were received, replied to, and accepted as well as how you presented each offer.
- Any prior offers and their respective documents and correspondence.
- A log of transaction activities and forms, with the date each was executed. Also remember to retain faxes and email that reflect when documents were sent.
The Problem and the Solution
The best way to keep all records in one place is to have them stored in Google Drive. The problem? Going through each of your loops individually to find all of your documents and putting them into Google Drive. Depending on your number of loops, this could take hours or days of tedious work.
API Nation offers a simple solution for the BEST record keeping for real estate professionals: Sync Dotloop loops with transactional paperwork to Google Drive and add copies of emails, advertisements, and photos to the each corresponding loop in Google Drive. All of your documents in Google Drive without all the hassle!
To get started, click the button below.
What is API Nation?
If you are not familiar with API Nation, it’s a tool that works as a bridge between your favorite apps, like dotloop and Google Drive, to perform powerful syncs and automation called Workflows.
API Nation automatically syncs your applications. It’s finely tuned Workflows automate the common sense repetitive tasks. See all the applications with pre-built integrations here.