CONNECT: Facebook Twitter LinkedIn YouTube
MENU

 

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

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


 
 
 
HOT TOPIC

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. 

 
 
 
 
 
 
 
 
 
 
 
     
  TECH TIP   
  Fusion™ Training Still Available   
  The latest schedule of complimentary Fusion™ training has been posted. Please note that some classes require Basic as a pre-requisite. As a convenience, there are a few instances of Basic being offered in the morning and CMA or Prospecting class offered in the afternoon of the same day. MORE
         
  QUICK STAT  
  Did you know 48 percent of homes sold in June 2014 in Hendricks County were built after the year 2000. Visit The Stats House Database for more.  
         
  OTHER NEWS      
  Vote September 26-October 2   
  If your brokerage resides in Districts 2, 5 and 6, you should have received a letter with voting instructions and candidate profiles for the upcoming MIBOR Board of Director elections this week. The election takes place September 26-October 2. Click on the candidate names in this article to view their profile and make sure you cast your vote later this month. The individuals elected will be your voice for Board decisions throughout the next three years. MORE  
     
  REALTOR® FOUNDATION NEWS  
  Still Accepting Registrations! Golf for a Great Cause This Thursday 
 
  The Foundation’s 21st annual golf outing is this Thursday, and we want YOU to be there. Join us for a round of golf, awesome raffles and great prizes, food from Jug’s Catering – and an opportunity to make a difference in the lives of those affected by homelessness in central Indiana. We’re accepting teams on both courses at Eagle Creek Golf Club for September 18, 2014. MORE
 
     
  CALENDAR      
  All Month: For information on MIBOR Division meetings MORE  
  All Month: Free BLC® Training MORE  
  September 18: REALTOR® Foundation Golf Outing MORE  
  September 23: Central Indiana Realtist Membership Mix MORE  
  September 27: Volunteer Opportunity in Historic Meridian Park MORE  
  Ongoing: Online Calendar of Events MORE  
 
2014 Metropolitan Indianapolis Board of REALTORS®
1912 N. Meridian St., Indianapolis, IN 46202
317­-956­-1912 
www.mibor.com
 
    Share this message:
Facebook Twitter LinkedIn MySpace Delicious Digg
 
 

 

Upcoming Events

Nov
17
November 17, 2017 @ 9:30 am - 11:30 am
Learn More
Nov
29
November 29, 2017 @ 1:30 pm - 3:30 pm
Learn More
Dec
1
December 1, 2017 @ 9:00 am - 11:00 am
Learn More
SITE MAP