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CAT | Owner Agent Homes

Jul/09

8

Owner Agent Homes

Our legal department recently stated all owner agent homes must be in full disclosure. Meaning, full disclosure of an owner agent property must be shown on the MLS PLANO visible to all buyers and not under the “Realtor Remarks”. Also, the contract cannot be executed without first having the buyer’s understand the property is being sold by an owner agent. This can be easily avoided by an email to the buyer or something in writing having them acknowledge the home is being sold by an agent.
The main reason for this type of disclosure is to protect the buyer from an experienced seller in real estate. The seller has access to information the buyer doesn’t. For example, the agent can access MLS where the buyers cannot. Agents readily have access to tax records and history reports of the property where buyers do not.

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