No-Conflict-of-Interest Policy

 

Purpose

This policy establishes GoRA’s commitment to maintaining the highest ethical standards in real estate transactions by strictly adhering to a no-conflict-of-interest policy. This ensures that our clients receive unbiased and dedicated representation, free from any potential conflicts that could compromise their interests.

Definitions

Agent

A real estate agent is a licensed professional who acts as an intermediary between buyers and sellers in real estate transactions. They represent the interests of their client, either the buyer or the seller, and are obligated to act in their client’s best interest.

Dual Agency

Dual agency occurs when a real estate agent represents both the buyer and the seller in the same transaction. This can create conflicts of interest, as the agent has a fiduciary duty to both parties.

Limited Representation

Limited representation is a type of agency agreement where the agent’s duties are limited to specific tasks, such as providing information or facilitating communication between parties. It does not involve full representation of either party’s interests.

Policy Statement

GoRA will not represent both the buyer and the seller in the same real estate transaction. This means that we will never act as a dual agent, representing both parties simultaneously. Our agents will always represent either the buyer or the seller exclusively, ensuring that their primary loyalty and fiduciary duty lie solely with their designated client.

Rationale

Protecting Client Interests

Dual agency can create conflicts of interest where an agent’s duty to one client may be compromised by their obligation to the other. This policy ensures that our agents can fully represent their client’s best interests without any competing loyalties.

Maintaining Transparency

Transparency is essential for building trust with our clients. By clearly stating our no-conflict-of-interest policy, we demonstrate our commitment to ethical practices and ensure that clients understand our role in the transaction.

Promoting Fairness

A no-conflict-of-interest policy promotes fairness and equity in real estate transactions. It ensures that all parties involved have access to unbiased representation and that the process is conducted ethically.

Implementation

Disclosure

Our agents will clearly disclose this policy to all potential clients at the initial consultation.

Training

All agents will receive ongoing training on ethical practices and conflict-of-interest avoidance.

Enforcement

Any violation of this policy will be subject to disciplinary action, including potential termination of employment.

Exceptions

This policy may be subject to exceptions in rare circumstances, such as:

Limited Representation

In limited circumstances, where both parties are fully informed and consent, a “limited representation” agreement may be considered. However, this will only be allowed in cases where the potential for conflict is minimal and both parties have received independent legal advice.

Review

This policy will be reviewed and updated periodically to ensure its continued effectiveness and compliance with relevant laws and regulations.

Contact

If you have any questions about this policy, please use our contact form.

By adhering to this no-conflict-of-interest policy, GoRA demonstrates its commitment to ethical practices and ensures that our clients receive the highest level of representation and service in all real estate transactions.