Agency
Vermont's 'seller's disclosure obligation' to their listing agent includes revealing:
AOnly defects that buyers would notice on a typical walkthrough
BAll known material defects, including latent (hidden) defects that the agent needs to know about✓ Correct
COnly items that affect the listing price
DOnly defects discovered in the past 12 months
Explanation
A seller must disclose all known material defects to their listing agent, including hidden defects. This enables the agent to comply with their disclosure duties to buyers and protects all parties from future liability.
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Key Terms to Know
Seller's Agent (Listing Agent)
A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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