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Agents Required To Tell?

Most if not all states require disclosure in a transaction - clients and customers alike - of any material facts, that is, information that may affect the principal's decision to go through with a deal as represented.

This is implicit in the requirement of fair and honest dealings. In most states the Real Estate Commissioner's office also will state in their rules that "A licensee participating in a real estate transaction shall disclose in writing to all other parties any information which the licensee possesses that materially and adversely affects the consideration to be paid by any party to the transaction."

Therefore, even if the party is a customer (no representation) or a client (full representation), the law still requires at least advance disclosure of information that might influence a principal's decision.

For instance, if you were the buyer, might it make a difference if you knew work had been done on the house but was not done to code or to standards? One of my favorites is the seller that tells the buyer there is a deeded lake access when in fact there is not. This would definitely make a difference in the price you offered for property.

Disclose Disclose Disclose is the way to avoid problems and lawsuits.

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