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#69787 - 12/03/04 12:39 PM
Disclosing relationship w/buyer
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Major Contributor
Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
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I was wondering when we should disclose our personal relationships with buyers when making an offer to a seller or vice versa. I understand to disclose familial relationships or whether I am the owner, but was wondering if I should disclose whether my buyer is a close friend or boyfriend. If I disclose, should this be in the special provisions or just verbal?
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#69788 - 12/03/04 03:53 PM
Re: Disclosing relationship w/buyer
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Veteran Member
Registered: 09/15/04
Posts: 792
Loc: Virginia
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Different board have different rules.
in Virginia we have to disclose the relation at the time of the sales contract to the seller along with the addendum.
For the listing agent they have to disclose on the listing agreement and also in MLS
Ritu
_________________________
Ritu Desai Associate Broker EcoBroker, ePRO, ABR Team up with Ritu & Samson Properties for all your Real Estate needs in Northern Virginia. Serving Fairfax County, Loudoun County in Northern Virginia Samson Properties,LLC Email - info@eNOVAHomes.com On the web: Your Virginia Realtor Virginia MLS Searches
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#69789 - 12/03/04 04:49 PM
Re: Disclosing relationship w/buyer
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Major Contributor
Registered: 06/23/04
Posts: 3370
Loc: Central Illinois
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A close friend does not count as a personal relationship. Family or agent owned then yes you must disclose. If agent owned you should have that listed in MLS. Originally posted by Dee in Austin:
I was wondering when we should disclose our personal relationships with buyers when making an offer to a seller or vice versa. I understand to disclose familial relationships or whether I am the owner, but was wondering if I should disclose whether my buyer is a close friend or boyfriend. If I disclose, should this be in the special provisions or just verbal?
_________________________
Paul Oaks
Oaks Real Estate Group
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#69791 - 12/10/04 04:54 AM
Re: Disclosing relationship w/buyer
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Anonymous
Unregistered
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Same here I have to disclose if buyer/seller is in my family or if I am the owner. When in doubt CYA Disclose Disclose Disclose.
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#69792 - 12/16/04 07:24 PM
Re: Disclosing relationship w/buyer
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Major Contributor
Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
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Great. Sounds like I was on the right track. If it's a familial relationship or if I'm the owner, that's the time to disclose.
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#69793 - 02/16/05 06:55 AM
Re: Disclosing relationship w/buyer
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Anonymous
Unregistered
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In laws should be discussed this was a case that was brought before the board of realtors and it was ruled as the sales agent or broker could possibly benefit from the transaction on the end of the buyer.Ethics may require that you disclose.If the same situation was brought before a board they quite possibly could rule the same way in a Boyfriend girl friend relationship as these relationship could likly lead to marraige or cohabitation in todays world.legally your probably ok. Ethically it is a good question.
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#69794 - 02/16/05 07:15 AM
Re: Disclosing relationship w/buyer
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Anonymous
Unregistered
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The law specifically talks about immediate family.That is open to many interpretations or can even be argued.I would disclose verbaly at least so there are no misunderstandings and bad feelings after the sale.You do not want your client or customer to feel short changed as much more business develops from satisfied customers and clients.your honesty will be rewarde
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#149582 - 06/21/07 05:14 PM
Re: Disclosing relationship w/buyer
[Re: Dee in Austin]
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Veteran Member
Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
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I believe the old saying that "an ounce of provention, is worth a pound of cure" therefore, rather than having to defend myself against allegations that I had failed to made full and timely disclosure, I make a full written disclosure of anything that may be construed as material and obtain a signed acknowledgement of receipt.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information
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#149586 - 06/21/07 05:38 PM
Re: Disclosing relationship w/buyer
[Re: Devil's Advocate]
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Major Contributor
Registered: 06/23/04
Posts: 3370
Loc: Central Illinois
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A little common sense is what is required as there is no way to quantify a level of friendship that would apply for disclosure purposes so that ounce of prevention quote does not apply. The law and Ethics are specific stating disclosure is required for immediate family or agent ownership. So where would one draw the line with friendship disclosure? Best friend throughout high school but have not seen in years till they became a client? Old college frat brother? Friend from Church? Friend you play cards with once a month? Neighbor? 2nd or 3rd Cousin? There is no clear place to draw the line so that is why friends do not apply! I believe the old saying that "an ounce of provention, is worth a pound of cure" therefore, rather than having to defend myself against allegations that I had failed to made full and timely disclosure, I make a full written disclosure of anything that may be construed as material and obtain a signed acknowledgement of receipt.
Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information
_________________________
Paul Oaks
Oaks Real Estate Group
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#164110 - 08/18/07 07:55 AM
Re: Disclosing relationship w/buyer
[Re: TAB]
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Veteran Member
Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
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Yes, in order to be in compliance with the Real Estate and Business Brokers Act, 2002
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#168946 - 09/11/07 04:11 PM
Re: Disclosing relationship w/buyer
[Re: Devil's Advocate]
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Member
Registered: 09/07/07
Posts: 51
Loc: Pa
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It's always best to disclose especially when your not sure. When I was selling real estate I disclosed everything. It's called covering ones assets.
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