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Mandatory Disclosures Required
With ever increasing mandatory disclosure obligations being placed on sellers of real estate, it can be difficult to keep-up with new requirements.Real estate agents and sellers are being held to ever more stringent and higher standards of care. The number one claim on Errors & Omissions Insurance is "failure to disclose" some item that a Buyer felt was material. Although there is no way to completely prevent law suits, there are some general guidelines to help protect against non-disclosure liability. Make all disclosures in writing and obtain acknowledgment signatures. If there is any doubt, don't wait for the Buyer to ask - disclose, disclose, disclose. |