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It is a risk reduction strategy for the real estate brokerage to prevent lawsuits.
I use similar language as a CYA. I depend on 3rd party info that isn't always verified (tax records, old appraisals, owner, previous MLS listings, etc. I attempt to make sure all the info I put in is correct, but nobody is perfect. I just want to make sure the buyer knows that if something is important the them to be sure to check it during due diligence and at the same time reduce my liability. SF per (source). Buyer and/or buyers agent to verify any relevant information including but not limited to SF, schools, and zoning for desired usage.
Even our MLS has a CYA because at the bottom of each listing they publish "Information is deemed reliable but not gauranteed." We even get a +/- 10% variance for SF.
I use similar language as a CYA. I depend on 3rd party info that isn't always verified (tax records, old appraisals, owner, previous MLS listings, etc. I attempt to make sure all the info I put in is correct, but nobody is perfect. I just want to make sure the buyer knows that if something is important the them to be sure to check it during due diligence and at the same time reduce my liability. SF per (source). Buyer and/or buyers agent to verify any relevant information including but not limited to SF, schools, and zoning for desired usage.
Even our MLS has a CYA because at the bottom of each listing they publish "Information is deemed reliable but not gauranteed." We even get a +/- 10% variance for SF.
I have always wondered where the phraseology came from.
It is easy to observe the complete ineptitude of so many listing agents and assume they really NEED to disclaim.
I think any listing agent using unverified information or fabrications to promote a listing would not be protected by such disclaimers in my market.
A buyers agent who relied on misinformation rather than performing proper discovery and disclosure for their client would not be off the hook, either.
In your offer, state "all information in listing must be verified by & warranted by listing agent." Then the listing agent and the seller can have a discussion.
In your offer, state "all information in listing must be warranted by listing agent."
Nah.
There is subjective "information" that would fall under such a phrase, as well as municipal sites that are quite appropriate to cite, but not always up to date.
I have always wondered where the phraseology came from.
It is easy to observe the complete ineptitude of so many listing agents and assume they really NEED to disclaim.
I think any listing agent using unverified information or fabrications to promote a listing would not be protected by such disclaimers in my market.
A buyers agent who relied on misinformation rather than performing proper discovery and disclosure for their client would not be off the hook, either.
Perhaps, but using an old appraisal is, in my opinion, probably more reliable than me measuring the SF. I would verify that by measuring the house myself when I'm not an expert?
Acreage - I use the tax records and / or a plat if I have one. How would I verify the acreage measurements? I'm not going to measure the lot lines myself, and I'm not going to pay for a new survey and neither will most sellers. Also, since I'm not a surveyor and not an expert in that field, wouldn't that just be creating more liability?
What my disclaimer says is if that is important to you as a buyer, hire a surveyor or whatever you need to do to verify what's important to you. Not all disclaimers are there to cover ineptitude, but rather because we are in a litigous society and sometimes step need to be taken to reduce my liabilty because of that.
Out here we actually have in our contracts that the buyer isn't relying on any oral or written representations that aren't included in the contract and if square footage and lot size are material to the buyer, they need to put in a separate contingency to confirm those items to their satisfaction.
No need to put that language in the MLS. If agents know something is amiss, just say there is a discrepancy in the square footage, etc. We don't see that here a lot.
Out here we actually have in our contracts that the buyer isn't relying on any oral or written representations that aren't included in the contract and if square footage and lot size are material to the buyer, they need to put in a separate contingency to confirm those items to their satisfaction.
No need to put that language in the MLS. If agents know something is amiss, just say there is a discrepancy in the square footage, etc. We don't see that here a lot.
May steal that for our contract which is currently being revised again. Is it online anywhere by chance?
Perhaps, but using an old appraisal is, in my opinion, probably more reliable than me measuring the SF. I would verify that by measuring the house myself when I'm not an expert?
Acreage - I use the tax records and / or a plat if I have one. How would I verify the acreage measurements? I'm not going to measure the lot lines myself, and I'm not going to pay for a new survey and neither will most sellers. Also, since I'm not a surveyor and not an expert in that field, wouldn't that just be creating more liability?
What my disclaimer says is if that is important to you as a buyer, hire a surveyor or whatever you need to do to verify what's important to you. Not all disclaimers are there to cover ineptitude, but rather because we are in a litigous society and sometimes step need to be taken to reduce my liabilty because of that.
Do you have legal counsel or case law citation confirming the adequacy of such a disclaimer?
I doubt it would cover me for ineptitude, or for negligence.
Our Commission specifically states that an old appraisal is not acceptable for SF measurements. Appraisers make errors, too, and measuring houses is a basic skill required to get a brokerage license.
If I generated a complaint that my SF in a listing was off by 5% and fell back on "I got it from the buyers appraisal when they purchased," my name would turn up in the monthly bulletin of Disciplinary Actions.
I almost never give lot dimensions, which are not mandatory, but I post plats or prior surveys without reservation. I have no fear of a lawsuit for posting a registered plat map or previous survey.
Out here we actually have in our contracts that the buyer isn't relying on any oral or written representations that aren't included in the contract and if square footage and lot size are material to the buyer, they need to put in a separate contingency to confirm those items to their satisfaction.
No need to put that language in the MLS. If agents know something is amiss, just say there is a discrepancy in the square footage, etc. We don't see that here a lot.
Our World-Renowned Due Diligence provisions render moot so many various contingencies, I get more enamored of it as time goes by.
Depending on local regulations, it may just be silly to put such notes in a listing.
In NC, the agent IS responsible to discover and disclose. Actually, both agents, buyers agent and sellers agents. Those disclaimers don't relieve either agent of their responsibilities as licensees, or their stricter responsibilities as fiduciaries.
Basically, they serve as a pretense for a listing agent who is not willing to do their job.
But what if the information is presented in good faith, verified by best/accepted practices, etc? Square footage is one thing for a residential real estate listing, but think about a listing for acreage. 240 acres, of 163 of plantation pine, 40 acres of crop land, and 37 acres of hardwoods, with claims about the age structure of the trees, and the soil types of the land, and the perk test for a homesite...and property taxes that reflect 200 of that being enrolled in a property tax deferral program for forestry that the new owner may not qualify for.
In a society of often frivolous litigation, it would seem that its an added layer that states "caveat emptor" and perhaps a small barrier to those quick to lawyer up and blame others for their own shortsightedness.
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