What Estate Agents Are Legally Obliged to Tell You

The first phase contains information that is considered essential for all properties. And when information about housing tax, price, and occupancy time is added to portals like Rightmove and Zoopla, where these sections are left blank, it`s flagged so potential buyers can see what`s missing. There will be a link to tips on why information is important and how it can be obtained. For more information on the changes, see the FAQ on National Bargaining Standards. Real estate agents are required to provide this information in a timely manner. This means they don`t do this until the last minute or until it`s too late for the buyer to pull out of the sale to provide them with information that could potentially influence their purchase decision. Your sale just failed, your real estate agent puts the house back on the market, but you haven`t told yourself what really happened to the sale. If you take photos for marketing purposes, real estate agents should not manipulate the photos under any circumstances. You should also not take photos from intentional angles to hide flaws or negative features in and around the property. Real estate agents are also not allowed to verbally tell potential buyers anything that would mislead them or misdescribe the property inaccurately.

“A building inspector will look at the structural and mechanical condition of the house,” Colón said, and “will tell you, for example, if a heating system or roof needs to be replaced in the near future, which could be expensive repairs.” While home inspectors have a general knowledge of many issues, he said, sometimes you need a specialist — like a pest inspector if there`s evidence of termite damage. In addition to disclosing the buyer`s rights under the laws of the State of Virginia and honestly answering your questions, there is no information the real estate agent is required to share with you as a buyer in advance. However, the real estate agent is not required to conduct independent research to uncover information about the property that they may not yet know. Keep in mind that their limited knowledge comes from the fact that they have never lived at that address or property and don`t know everything that can or will be wrong with the property. This means that it`s up to you to find information about the home to make an informed buying decision. In addition to the real estate agents` legal obligation to buyers, real estate agents who are members of the Property Ombudsman must also comply with the Residential Realtors` Code of Conduct. Even if specific disclosure isn`t required in your area, sellers who have information about their home that could make a buyer unhappy may still want to disclose it. In addition to moral reasons to be honest with potential buyers — and the desire to avoid the costs and hassles of a lawsuit — individuals have a reputation to protect. Sellers who are wondering if they have correctly indicated the condition of the property should contact a real estate attorney in their state. If you`re back to square one with your sale and wondering what to do next, you have 2 or 3 main options.

A good place to start is to read my guide on the best way to sell your home. He talks about the different methods and will help you get back on track. Even if disclosure is not required — Georgia, for example, does not require disclosure of murder or suicide unless the seller is invited directly — sellers may want to make a mistake on the page to notify the buyer of a death on the property. “If a seller is concerned about liability, the best advice is to disclose everything in advance, even if it`s not required by law,” Olenbush says. “Buyers will always hear from neighbors, and the surprise could cause them to pull out of a sales contract or wonder what else the seller isn`t telling them.” Federal law requires sellers to disclose whether homes built before 1978 have lead-containing paint. State laws differ in what constitutes mandatory full disclosure. Some material defects that a seller may need to disclose include: In addition, the agent is not required to disclose to the buyer any local land regulations, territorial restrictions, issues in surrounding communities, information about local schools, or other relevant community information where the buyer buys the home. You can also learn the history of a property from police records, said Jim McGue, owner and broker at Granite Group Realtors in Quincy.

“What we recommend is to go to the police station, not just call,” McGue said. If you`re worried about a possible death or that a crime was committed at home, this is a good way to find out. Similarly, the fire department may be able to tell you if there has ever been a fire at your address – even if the seller claims not to know where those black spots on the rafters are coming from. So why is overvaluation still so prevalent among real estate agents? Unfortunately, it is difficult to prove that the real estate agent did this. And why bother to prove it? Do not use this real estate agent.