Belt Auction

Do real estate brokers/agents have to have full disclosure attachment for properties owned by them?

In a contract to buy a house owned by broker/agent in PA. I found some major defects and want to get out of the contract. Problem is we are past the time for inspections and stuff. We know the agent/broker had knowledge of prior damage. The problem is he never filled out disclosure forms because he stated he never lived in the property. Some people are telling me that since he is a real estate agent/owner he had to have full disclosure beforehand, Is this true?

Public Comments

1. I bought my place from a real estate brokerage, and they did have the disclosure form, but, like your situation, since they didn't live in it, they put N/A on all of the items. It was up to me to get an inspection to protect myself, because, of course, unless the RE firm wants to shell out a few hundred bucks, (when they don't have to really) they have NO idea what might be lurking problem wise in a house. I think that since you are past the inspection phase, you might lose your deposit if you bow out. Even IF he had a full disclosure, he would have checked N/A on all the items...and you would have had to cover yourself with an inspection. I think you are out of luck here backing out without some sort of penalty.
2. Disclosure requirements are the same for real estate agents as for any other person. Disclosure requirements do not include such if a person has never lived in the property being sold. I am guessing that you 'cheaped out' and did not have a professional inspection, as is suggested for ANY property you buy. Now you want out because you failed in that regard. If you expect any success in your pursuit, you will have to prove that the seller involved was aware of the defects you discovered. How will you prove that ?
3. I suggest that you visit the Dept. of Real Estate web site for your state. In CA, it's www.dre.ca.gov.