Disclosures: Simple Cures or Serious Consequences ~ Part 2 ~

lw4n6581.jpg Too many agents consistently walk the line into gray areas with little or no interest in learning, studying or attending seminars on how it's "supposed" to be done. You know the type: they show up to present an offer to purchase without agency disclosures, or a copy of the deposit check and they are unaware their purchase contract is outdated and incomplete.

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These agents are a "lawsuit waiting to happen," according to Silicon Valley Real Estate Attorney Ron Rossi, the national syndicated writer of Real Law, has maintained for years "that the average agent doesn't know they don't know." For instance, "the obligations of the parties to a real estate contract, or their agents, to disclose any fact materially affecting the value and desirability of the property."

It is not enough just to disclose. You must discuss the ramifications of the disclosure, then advise on how to obtain further information. Rossi suggests taking good notes and send confirming letters of your discussions, because parties to the transaction may later state "no one told me" or "I didn't understand," and in all fairness they may not understand-all the more reason o discuss the disclosure issues and their consequences.

Pat Kapowich, "Negotiating Smooth Transactions Throughout The South Bay" SiliconValleyBroker.com

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