Brokerage Reminder: When in doubt, disclose!

Today’s housing market is heavy with real estate owned (REO) properties and the temptation to provide only partial or untimely disclosure has likewise surged. The lender’s ability to get away with an “as is” on the condition of these houses can make an agent’s standard due diligence and disclosures seem unnecessary.

Agents, resist this misconception! By law, listing agents must conduct their due diligence and disclose all known material facts to buyers, regardless of whether the property is an “as-is” REO, or not.

A transfer disclosure statement (TDS), among other disclosures, must be made on any one-to-four unit residential dwellingA building occupied or designed to be occupied as a residence by one or more families, as defined by the Federal Fair Housing Act.. Additionally, a separate set of disclosure forms must be provided for each dwellingA building occupied or designed to be occupied as a residence by one or more families, as defined by the Federal Fair Housing Act. on a two-to-four unit property.