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Risk Management Tip - Disclosure

Friday, May 25, 2012  
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»Remind your sellers that any known defects to the property must be disclosed.
Nondisclosure is the largest category of claims filed against agents and brokers — up to two-thirds of the lawsuits filed. Inform your sellers that they must disclose any known defects, even if they have never lived in the property. Make sure all disclosures are in writing and acknowledged by both parties.

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.

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