A Realtor is a licensed professional with many duties and obligations including being a Fiduciary. Serving their clients is the most important part of this occupation. Avoiding being sued is also close to the top as well.
Disclosures are the leading cause of lawsuits in a real estate transaction. There are many required disclosures given to a buyer and seller of a property. Failure to disclose is by far the leading cause of lawsuits and court cases. The parties that must, by law, disclose information during a transaction include the buyer, seller, listing agent, selling agent, buyer's broker and seller's broker. Failure to disclose comes in many forms. The worst case in Fraud.
A seller of a property is obligated to disclose anything that the know about the house, property, neighborhood and community that might affect the decision of the buyer decision to purchase the house. These same obligations are carried by all parties to this transaction.
There are many specific cases of lawsuits that have occurred over the past decades. The disclosures that have been required include the TDS Transfer Disclosure Statement, the SPQ Seller's Property Questionaire, Earthquake Hazards Report, SBSA Statewide Buyers and Sellers Addendum, local disclosures and over twenty-five more.
Our number one goal is not avoiding a lawsuit, it's representing the best interest of our clients. However avoiding a lawsuit is in the best interest of all parties to the transaction.
The person that would be most valuable on a real estate Zoom Meeting would be a professional in real estate disclosure. This could be a real estate attorney or someone with an expertise in cases of disclosure lawsuits and fraud. It would be great to hear about many cases in which a party to the transaction failed to properly disclose required information. There are many cases in which local conditions were not disclosed as well. It is not only what a party knows that causes problems as courts have also held that items that should have been known are also a liability. I'm really looking forward to hearing from someone with the expertise to share stories and information on this crucial subject.
Respectfully, Tony & Dani Lewis Summit Real Estate Group
Call or Text us at 661-510-7975 www.TonyLewis.com tonyglewis@yahoo.com
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