A real estate broker or agent owes his or her clients full disclosure – one of the six fiduciary responsibilities. What does this mean? It simply means that a real estate broker or agent is obligated to tell you any relevant information pertaining to his or her business operation.
This duty obligates a real estate broker who is representing a BUYER to reveal the following:
- If the seller is prepared to accept a lower offer.
- Information regarding the urgency of a seller’s need to sell.
- If the real estate broker has any interest in, or any relationship to, the property sale or the seller.
- The length of time a property has been on the market and any known information relating to offers and counteroffers made on it.
- Information relating to the value of a property.
- Any information that could affect a prospective buyer’s ability to purchase the property at the lowest price at the buyer’s most favorable terms.
This duty obligates a real estate broker who is representing a SELLER to reveal the following:
- Any information regarding the urgency of a buyer to purchase a property.
- If a buyer is prepared to pay more for a property than being currently offered.
- If the real estate broker has any interest in, or relationship to, the buyer.
- Information relating to a buyer’s financial ability to purchase a property.
- Any information that could affect the seller’s ability to sell a property at the highest price at the seller’s most favorable terms.
Visit USLegal for a more in-depth explanation about full disclosure.
The Buyer’s Agent of Asheville is dedicated to help clients find homes they can adore and afford. With its team of 10 experienced real estate brokers, The Buyer’s Agent of Asheville has been loyally assisting home buyers in the Asheville, North Carolina area. We’re focused to search for ideal homes without distractions, shady deals, and conflicts of interest. Please make an appointment to visit our offices at 82 Patton Ave, Suite 211, Asheville (map) by calling our 24/7 service number: (828) 210-4663.