This post was fact checked by Lisa Rogers, Principal Attorney at Ark Attorneys.
Real estate agents, like you, can be a target for disclosure lawsuits when a buyer realizes that there are issues with their home after closing. As a real estate agent, extra diligence is needed to help you avoid legal issues, and there are several ways to do this. And it starts with looking at your state’s real estate disclosure laws, and familiarizing yourself with federal real estate disclosure laws.
While federal real estate disclosure laws apply everywhere in the US, states can vary.
A few examples are:
Disclosure, in the context of avoiding a lawsuit in real estate, means informing the buyer of any property defects, or other information that could impact their decision to purchase a property like previous renovations and upgrades. Other disclosures can include infestation issues, mold, and water damage. If you aren’t sure if a defect should be disclosed, always err on the side of disclosing to protect yourself from getting sued.
Other ways you can help protect yourself from disclosure claims include:
By using these strategies, you can help limit your risk of being sued because of real estate disclosure claims. As a real estate agent, communication and documentation (as well as these other strategies) will save you time, money, and allow you to move onto your next sale.
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