Listing Agreement Requires Seller Disclosure

//Listing Agreement Requires Seller Disclosure

Listing Agreement Requires Seller Disclosure

Section #9 of SCR220 ERTS listing agreement requires the seller to disclose defects and keep the seller disclosure completed and updated. Also, the listing agreement allows the brokerage to sue the seller for related damages and receive indemnification from the seller.

PROPERTY INFORMATION/SELLER’S PROPERTY DISCLOSURE STATEMENT: Owner warrants that, to Owner’s knowledge, there are no material defects, hidden or obvious, in or on the property, which have not been disclosed to Broker in writing. Owner further warrants that Owner has reviewed and completed a Seller’s Property Disclosure Statement, as required by South Carolina Code of Laws, as amended, Section 27-50-10, et. seq., attached to and made a part of this Agreement, and that all such information is accurate to the best of Owner’s knowledge. If the Owner discovers, after his delivery of a disclosure statement to a Buyer, a material inaccuracy in the disclosure statement or the disclosure is rendered inaccurate in a material way by the occurrence of some event or circumstance, the owner shall correct promptly the inaccuracy by delivering a corrected disclosure statement to the Buyer or make reasonable repairs necessitated by the occurrence before closing. An owner who knowingly violates or fails to perform any duty prescribed by any provision of this article or who discloses any material information on the disclosure statement that he knows to be false, incomplete, or misleading is liable for actual damages proximately caused to the Buyer and court costs. Owner agrees to defend, indemnify, and hold harmless the Broker, Broker’s agents, or subagents, including indemnification for attorney’s fees and court costs, from any and all claims arising out of any information or omission of information presented to Broker by Owner. Owner agrees to disclose to the Broker any known latent defects of the herein described property which are not readily ascertainable upon view including land, improvements, and personal property to be conveyed, and to hold said Broker harmless for any liabilities or damages arising from such defects. Owner will not hold Broker liable for the Owner’s refusal or failure to provide a prospective purchaser with a disclosure statement. Owner agrees to allow Broker to provide copies of the disclosure statement to prospective buyers. The Owner understands and agrees that Broker has fully met the requirements of Section 27-50-70 of the South Carolina Code of Laws, as amended. 10. DISCLOSURE: Owner authorizes Broker to disclose information about the property to Broker’s agents, subagents, prospective buyers, and all inquiring parties. Such disclosure shall be in accordance with Broker’s company policy. Owner hereby authorizes anyone having a lien against the property including the mortgage holder, to disclose complete information about the lien to Broker and Closing Attorney or Agent.

Posted by: Byron King on 03/01/19 (This information is only accurate as of 03/01/19. You must contact SCR for updates and changes to this information after 03/01/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)

By |2019-03-01T12:33:20+00:00March 1st, 2019|Legal FAQs|0 Comments

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