Buying or Selling a Home/Selling for Family

Advertisement


Question
Does the listing agent need to notify the buyers that they are selling the home for a family member?

Answer
Dear Nicole:  Most states have firm disclosure laws that mandate that all parties are to be aware that that listing or selling agents is related to one of the principals.  I know out here in California that is the case.  Check with the department of real estate in your home state, or call the manger/owner of the office involved to check out this point in your state.  Even if it is not a law, it is a wise concept. The disclosure should be in writing and signed by all parties to the transaction during the period of negotiations.  Of, if forgotten, when all disclosures are being signed.   I would feel very uncomfortable in a situation where relationships that are that close would be omitted.  KARYN FOLEY

Buying or Selling a Home

All Answers


Answers by Expert:


Ask Experts

Volunteer


Karyn Foley

Expertise

I can answer questions on picking the right agent, marketing properties, contracts, ethics, buyers and sellers responsibilities and fiduciary relationships. I prefer not to answer questions relating to real estate financing.

Experience

I have over 29 years of full time real estate experience in the Southern California area as realtor, assistant manager, education director, and broker. Consistant top producer.

Organizations
Southland Regional Association of Realtors, California Association of Realtors, Calabasas Chamber of Commerce.

Publications
Las Virgenes Enterprise, Calabasas Courier.

Education/Credentials
Bachelor of Science degree, UCLA, licensed real estate broker, graduate realtors institute designation.

Awards and Honors
Trophies and certificates of achievement for real estate production. Training Director, Instructor for the local Board of Realtors, Member of local Board's Grievance Committee. Chamber of Commerce Community Service Award, one of the founders of the City of Calabasas, elected to the first Calabasas City Council, first woman mayor of Calabasas, former Regional Representative to Southern California Association of Governments.

©2012 About.com, a part of The New York Times Company. All rights reserved.