Documenting conversations and decisions made during a real estate transaction is an extremely important best practice for E&O compliance. When you find yourself in the middle of a lawsuit, having proper documentation is paramount. Real estate client relationships often start off with email and signed documents which are easy to store. But eventually, in today’s mobile phone world, communication between agents and clients advance into text messaging. Since this medium is designed for limited characters and brevity is the norm, it is even more important to moralize these conversations at the end of a transaction. Furthermore, some day you will get a new phone or mobile phone carrier so it is impractical to think you are going have easy access to all your text messages forever.
There are several software tools on the market to help you export your text conversations into computer files or physical hard copies that can filed per client within their transaction folder. Doing this after each transaction will ensure that you will never be left wondering if that important decision which ultimately lead to an E&O lawsuit was discussed via text.