Listing Agent Should Share Sales Information with Buyer Client

Question:

I am the Listing Agent and I have a buyer asking me for the previous sales report? Am I doing the sellers a disservice if I give them the info?

Answer:

If you have two clients then “factual market information about comparable properties will be disclosed to both Seller and buyer to assist them to come to their own conclusions”. You really don’t have any choice in that.

Also, we have moved off “price advice” to either party with respect to the negotiations. While it may very well be leaving them on their own, that’s the apparent appropriate authorized disclosure route for multiple representation.

The difficulty is that initially, when taking the listing, it is likely that “advice” was provided to the Seller.

Once we have multiple representation, then it’s “facts only”. The important aspect in the case of a client suing for misrepresentation is ensure that the facts have indeed been disclosed.

Taking the position that they are out of date, not relevant or should not be considered is providing “advice” and that is specifically what needs to be avoided.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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