I get a quarterly newsletter from my E&O company with stories of claims they have been involved in. One of them consisted of an actual lawsuit where the buyer filed a suit against the seller and the Realtors involved stating they did not get a property disclosure. According to the suit, the agents had documentation that they had where the buyer signed the disclosure and where the buyer signed a form stating they received it and accepted it. The agents totally disregarded the request of the buyers attorney because they thought the suit was frivolous. The end of the story, according to this newsletter, the judge awarded the buyer a six figure settlement and since the agents did not timely file with their E&O company, they did not have to pay the claim.
I am also a Commissioner on the Arkansas Fair Housing Commission and we experience this same thinking from some of the Respondents. The Commission, as with the Arkansas Real Estate Commission, requests a response from the Respondents along with documentation. There are some that think they are innocent so they don't provide the documentation requested. In the event the case goes to a hearing (or court as the above case showed) and there is no documentation and they lose, the Fair Housing Commission can fine the Respondent up to $11,000 for the first offense plus any damages.
The moral of the story, "COMPLY WITH AUTHORITY REQUESTS!"
I am a Realtor in Searcy, Arkansas and I sell new homes, existing homes, commercial property, farms and land as well as manage and own rental properties. If you are looking for real estate for an investment or a home, I will be glad to assist you! You can call my personal cell number at 501-278-7659 or e-mail me at Larry@Searcy4Sale.com.