February 20, 2011

Seller Disclosure and the Listing Authority

Regrettably it is an age of litigation for many industries; for real estate agents and salespeople there is a great deal of responsibility in relation to disclosure to buyers surrounding property. Agents merely act as the conduit of information and quite commonly advise buyers to make their own enquiries.

Having said that, there are still a number of obligations placed upon agents in regards to taking necessary steps to verify important property details.

Some good agents agents in the past have fallen foul of saying too much when they are in fact not 100% sure or more so honestly believe the statement to be true.

TO assist in agency risk management and to alleviate exposure to our agencies, Real Estate Excellence has written a best practice seller disclosure attachment to annex the listing authority. This authority assists agents to remain in the role of passing information to buyers that the seller has provided. This disclosure covers key issues regarding the property about known defects, warranties and building approvals. The old saying "If it is not in writing, it doesn't exist' is largely true; however this risk management attachment provides agencies with a written document provided to the agent from the seller at the time of listing.

For more information about the attachment now available, email stacey.holt@realestateexcellence.com.au or visit http://www.realestateexcellence.com.au/education-and-training-events-real-estate-excellence/cat_view/35-best-practice-forms-and-information/32-residential-sales

1 comment:

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