Did you know a real estate agent representing a seller also has duties to the buyer?
December 18, 2015
Did you know… that a real estate agent representing a seller also has duties to the buyer?
I was recently asked a question concerning what information must a listing agent disclose about a home inspection report after the buyer backs out of the contract and the seller relists the property. In each of the three local jurisdictions, District of Columbia, Maryland, and Virginia, the listing agent representing a seller has a duty to the buyer to disclose all material adverse facts pertaining to the physical condition of the property which are actually known (and in Maryland, should be known) by the agent. (See DC Code § 42-1703(2); Md. BUSINESS OCCUPATIONS AND PROFESSIONS Code Ann. § 17-530(a)(5)(iv); and VA Code § 54.1-2131(B)).
The seller should update the property disclosures to reflect any materially adverse information concerning the physical condition of the property that was learned from the home inspection. If the seller does not, or refuses to, update the property disclosures, the listing agent must inform potential buyers about any materially adverse information concerning the physical condition of the property.
The attorneys at Shulman Rogers are available to assist you with any questions you may have concerning disclosures or duties owed to clients.
Did You Know will not be published on December 25, 2015 and January 1, 2016. The weekly series will resume on Friday, January 8, 2016.
The Residential Real Estate team at Shulman Rogers wishes all of you a joyous holiday season and happy new year!
For more information regarding our Residential Real Estate Settlements Group or our general real estate transactions and litigation practice, please contact the Group Chair at (301) 230-6574 or email@example.com.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.