We’ve always heard that when it comes to real
estate: Location Location Location. Now days, when it comes to protecting yourself as a property comes on the market and sells it’s: Disclose Disclose Disclose.
As REALTORS®, we all know that our Sellers have to disclose any and all latent defects – that’s a no-brainer. But did you ever stop and think that we, the licensee, the REALTOR® have to disclose also? You say, what do we have to disclose if the seller has already done their disclosure? We have to disclose if we are buying a property, if we have an interest in any business that has to do with the
property we are representing. Examples? – an inspection company, a company buying the property, the appraisal company doing the appraisal, any business or company that has anything to do with the listing or sale of the property, if we are related to the Buyer or Seller, where we are one of the REALTORS®. And we need to DO IT IN WRITING. Why? Because IF there is no problem, we have nothing to hide and everything is open and above-board.
Too many times, the company negotiating the short sale or the agent has an interest in the sale. It’s all right…as long as you disclose and in writing. When you disclose in writing to all interested parties there is no one that can say, “I didn’t know” – it’s there in writing and all parties have signed. This is how we stay out of trouble and keep our license. We are in a litigious environment and there is always someone that wants to sue someone for $$$$.
So remember the other three words: Disclose Disclose Disclose… it will keep you out of trouble and in business.
Let’s be good to each other. Let’s be REALTORS®!
Until Next Monday…