What Do Brokers Need to Disclose?

Real estate brokers represent buyers and sellers in a variety of real estate sales and transactions. Because a broker's job is to ensure that transactions go smoothly and that their clients are fully informed, they are experts in disclosure. Here are a few things that brokers will need to disclose to a buyer.

1. Relevant facts and information about the seller's urgency to sell the property. For example, if the broker knows that the seller is on the verge of foreclosure, then they must disclose this.
2. The value of the property, including estimates. It's important to know what a reasonable price might be for a property before making an offer.
3. How long the property has been on the market. A home that has been on the market for a long time may have flaws or merely have less reasonable sellers. Either way, it is important for a buyer to know.
4. Any relationship with the seller and other conflicts of interest. Buyers should be aware if their broker has any interests beyond those of their client. Most brokers can be fair even in transactions where they know the seller, but buyers deserve to know of a potential conflict.
5. All offers and counteroffers regarding the property, with regular updates if new offers are made. This information should be given to the client as soon as possible so they can make educated decisions.
6. The seller's willingness to accept a lower offer than the buyer intends to offer. A broker's job is to get you the best possible deal!
7. Any information that may affect the buyer's willingness to complete the transaction or their ability to buy the property for the lowest possible price. This can include a wide variety of details, including new information on the condition of the house or changes in the buyer's willingness to sell.

A broker is legally required to help their client get the best possible deal on an expensive and legally complicated purchase. It's important to have someone with knowledge and education on your side as you complete a real estate transaction. If you need help quickly and legally completing a real estate sale and purchase agreement in Cambridge, real estate brokers are here to assist.

This article is written by Joshua F. Pompilus, Esq., who is associated with OneBoston Title & Closing Services, P.C.