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Avoid Misuse of “Do Not Know” on the Seller’s Residential Sales Disclosure

Industry Insider is a publication distributed by MIBOR every other Friday to Managing Brokers. 


Avoid Misuse of “Do Not Know” on the Seller’s Residential Sales Disclosure

In recent months, MIBOR Professional Services staff has received a number of questions from members regarding Seller’s Residential Sales Disclosures where all boxes are checked with “Do Not Know”. These questions typically involve an investor or owner who has not lived in the property.  

Please be aware that the fact that a seller has not lived in the property does not exempt that seller from truthfully answering the questions on the disclosure form. While there may be a number of “do not knows” checked, there are questions that the seller must know the answer to, such as “Is the homeowner a licensed real estate broker?” or “Is the property located within one mile of an airport?”
Advising the seller to simply answer “Do Not Know” to all of the questions when the seller has definite knowledge could put the listing agent at risk for a violation of the Code of Ethics. 

In addition, withholding actual knowledge on the part of the Seller could expose the Seller to legal liability, as explained in depth by an article written by Richelle Cohen Mossler, IAR Legal Counsel. Click here to access. Mossler cites a recent Indiana Supreme Court Case which found liability on the part of the seller for misrepresentations on the Seller’s Residential Sales Disclosure Form. 

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2014 Metropolitan Indianapolis Board of REALTORS®
1912 N. Meridian St., Indianapolis, IN 46202
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