Agency
A Connecticut buyer's agent has a client under contract to purchase a home. The agent learns through industry contacts that the seller has been served with a foreclosure notice. This is material information the buyer's agent should:
AKeep confidential since it involves the seller's personal finances
BDisclose to the buyer since it could affect the transaction timeline, the seller's ability to close, and the condition of the title✓ Correct
CReport to DEEP
DShare with the listing agent only
Explanation
A pending foreclosure on the property is a material fact that could affect the buyer's transaction—it may affect the seller's ability to deliver clear title, could impact the closing timeline, and might indicate lien priority issues. The buyer's agent should disclose this to protect the buyer's interests.
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