When someone decides to buy real estate such as a home in the Miami, Florida, area, visiting open houses and talking to realtors is likely to be part of the plan to identify the right property. After all, most sellers hire realtors, and these are the people who should know the answers to the questions buyers have about the properties. Someone who is not aware of what to ask may end up with some unpleasant surprises. However, according to Market Leader, the realtor could be held liable by the buyer if he or she is not presented with all the facts about the real estate.
It is a realtor’s responsibility to learn relevant information about listings before presenting them to potential buyers. If he or she has not done due diligence on a property, there is a high risk of misrepresentation. The profession requires complete disclosure of any flaws in the real estate. While it is fraud to leave information out on purpose, even if realtors fail to tell buyers something important out of ignorance, they can still be held accountable.
It is typically considered negligence if a realtor does not give the buyer relevant facts because of a failure to discover them. According to Cornell University Law School’s Legal Information Institute, a person is guilty of negligence if they acted or failed to act in a way that a reasonable person would. Since disclosure is a big part of the process of selling real estate, it is one of the realtor’s duties and can result in litigation if it is neglected. Realtors can also lose their licenses if they are found guilty of misrepresentation or failure to disclose.
