Articles from November 2010

LISTING AGENT HAS LEGAL DUTY TO DISCLOSE SHORT SALE STATUS TO BUYER

Monday, November 1st, 2010

When a real estate agent is aware that the amount of existing mortgage liens exceeds the sales price of a residential property, such that the property can only be sold by short sale, the agent has a duty to disclose this state of affairs to the buyer, so that the buyer can inquire further and evaluate whether to risk entering into a transaction with a substantial risk of failure.  Holmes v. Summer (2010) 188 CA4th 1510.

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