Brokers and agents do not currently have to disclose their knowledge of any tax consequences of a real estate transaction to their principal client, even if they are aware of the repercussions; repercussions which exist in every real estate sale. This legislation would mandate the disclosure to a client of known tax aspects of a transaction in an effort to combat the wide-spread phenomenon of the “dumb agent” — the agent who, despite his knowledge, is legally allowed to remain silent about consequences known to him in a transaction. A preprinted, boilerplate advisory to see another professional if you have concerns about the tax aspects of a transaction does not disclose the agent’s knowledge, which if disclosed might affect the client’s decisions – and thus is a material fact deceitfully omitted.
About The Author
is the writing staff comprised of legal editor Fred Crane, writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Carrie B. Reyes, Benjamin J. Smith, Oscar Alvarez and graphic designer Mary LaRochelle.
August 24, 2009
March 20, 2012
February 1, 2016
November 28, 2016
Most Popular This Week
- San Diego housing indicators 260 views
- California home sales volume lays low 244 views
- Purchase agreement cancellation – termination of right to buy or sell 243 views
- Orange County housing indicators 242 views
- Show renters how homeownership can save with the GRM 218 views
- Los Angeles housing indicators 186 views
- Darryl "...with 77% falling within 5% of asking price". Homeowners need to learn that selling their home 5% (or more) below asking price will negatively affect... – Has Redfin gone too far with its “buy it” button?
- Nancy mitchell It seems there is always someone who is trying to undercut licensed agents. How many 1 or 2 percent offices have gone by the wayside?... – Has Redfin gone too far with its “buy it” button?
- Jay Ah thank you again Ms Reyes. Your interesting observations over Redfin and the market. We all know Redfin is not alone. There are other companies... – Has Redfin gone too far with its “buy it” button?
- Jessica Hola Geovana, soy un agente inmobiliario en Louisiana. Yo trabajo con un banco que te puede ayudar. – ITIN mortgages for homebuyers without social security numbers
- George West I once knew a buyer that just wanted to tie up the property with a sale contract, then twist the seller's arm later. He would... – Selling to an investor versus an owner-occupant buyer
- DAVID BLAKE Seller beware: Many "cash buyers" play the purchase offer game. "Just get them in contract" game. There's not am earnest buyer. The "proof of funds"... – Selling to an investor versus an owner-occupant buyer
Get real estate news straight to your email.