Replies (2)
- sunnyview
- Contributions:26843
Fine line there, but CA has always been more strict than many other states on seller disclosure. It also means is that sellers should be even more careful about not disclosing things to their listing agent that might hurt them in negotiations.
I do not believe that other states will step up and require listing agents to disclose what CA is requiring.
I do not believe that other states will step up and require listing agents to disclose what CA is requiring.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:3271
I can only speak for my area.
Our seller's disclosure forms already specifically ask if...... there is an existing mortgage(s)...followed by......if there are sufficient funds to be able to close and pass on clear title....and, if there are any legal proceedings currently pending on the home which will affect the sale.
We ask the right questions....have to hope we get truthful answers.
Our seller's disclosure forms already specifically ask if...... there is an existing mortgage(s)...followed by......if there are sufficient funds to be able to close and pass on clear title....and, if there are any legal proceedings currently pending on the home which will affect the sale.
We ask the right questions....have to hope we get truthful answers.
Practitioners Responsible for Full Disclosure
-
- 5.0/5.0
- (27 reviews)
Contributions:112In Holmes vs. Summers, the seller and the listing associate failed to tell potential buyers about three mortgages against the property totaling $1.141 million. The sellers accepted a buyer's offer of $749,000, but the deal fell apart because the sellers couldn't deliver clear title.
The would-be buyers sued the real estate firm and the court found that the real estate practitioner had a greater duty to disclose facts affecting the desirability and marketability of the property than he did to protect the privacy of the seller.
Analysts say this decision will make it incumbent on practitioners with short-sale listings to provide specific information about circumstances surrounding the sales, including approvals required for the sales to close.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.