Welcome to the smallest post I will ever write about the Realtor® Code of Ethics. It may be small, but it also is one of the most important articles of the whole code.
Realtors® are NOT attorneys.
REALTORS® shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.
This Article protects the public AND the Realtor® from adverse legal repercussions. Realtors® have NO BUSINESS practicing law. None. Realtors® are all versed in contract law, but are not licensed to practice it. Realtors® are allowed to “fill in the blanks” – that is it. Anything beyond that would be practicing law, and Realtors® are not allowed to do that. No. No. No.
Every contract (buy/sell/list) states: “This form has important legal consequences and the parties should consult legal and tax or other counsel before signing.”
- If a party to a contract has any questions regarding the contract, the Realtor® can explain the contract, but regarding any implications needs to recommend that they seek legal counsel.
- If anything arises that may end in a legal complication, the Realtor® needs to recommend that the parties involved seek legal counsel.
- If a party to the contract does not seem to “get” something regarding the contract or process, the Realtor® needs to recommend that they seek legal counsel.
- If there is any doubt in anyone’s mind about anything, Realtor® needs to recommend that the parties involved seek legal counsel.
- …and so on.
When in doubt … Seek Legal Counsel.
Posted by: Mariana Wagner – Colorado Springs Real Estate