ABA Family Legal Guide

Buying and Selling a Home

The Steps of Buying and Selling a Home

Disclosures

What are the real estate agent's obligations with respect to disclosure?

The Code of Ethics of the National Association of Realtors governs real estate firms and agents who are members. This code calls for disclosure of all known pertinent facts about the property. Members will also try to get all the buyer's questions answered. For example, if the buyer has noticed water damage in the basement, a member agent should ask the seller about it and tell the buyer about the cause of the problem. Some states require the broker to make additional disclosures that might affect the value or desirability of the property.