The buyer and seller each have duties to disclose material (important information) to the other. In turn, their respective real estate agents each also have the duties to deal fairly and honestly with all parties to the transaction and to disclose material information about the property or the buyer’s ability to perform to the other parties to the transaction. The Arizona Administrative Code, R4-28-1101 (B) specifically provides that
A [real estate] licensee participating in a real estate transaction shall disclose in writing to all other parties any information the licensee possesses that materially or adversely affects the consideration to be paid by any party to the transaction, including:
- Any information that the seller or lessor is or may be unable to perform;
- Any information that the buyer or lessee is, or may be, unable to perform;
- Any material defect existing in the property being transferred; and
- The existence of a lien or encumbrance on the property being transferred.
Berk Law Group, P.C. has handled numerous claims for misrepresentation or omission against sellers and real estate agents. If you have any questions or need assistance in a real estate misrepresentation matter, please do not hesitate to call or email us.