Christopher A. Combs
Question: I loved your recent column saying that a real estate agent has a fiduciary duty to assist the seller in completing the seller’s property disclosure statement. I am an expert witness who represents both sellers and buyers in real estate litigation. In my opinion, a listing agent has a fiduciary duty to assist the seller in completing the statement, and the buyer’s agent has a fiduciary duty to the buyer to review it and identify red flags. You have no idea how much “pushback” I get from real estate agents and even their attorneys on these obligations.
Answer: Thanks for your comments. In 1962, Arizonans voted by a 4-to-1 margin to adopt a constitutional amendment to allow real estate agents to practice law in the sale of a home. Since that time, realtors have had the same standard of care as an attorney in representing a seller or buyer in a sale, including assisting sellers and buyers with the disclosure statements. Since 1962, however, neither the Legislature nor voters have made an effort to increase the professional qualifications of real estate agents, e.g., the requirement of a real estate agent to be a college graduate in the sale of a home for more than $1 million.
Have a question about real estate law? Email Christopher Combs at info@combslawgroup.com.
