As an example. Lets say that their are some problems with the common areas and the balcony railings in several of the units. Mortgage company agrees to fund with the client signing off on the common areas but lender has said nothing to the client about the railings or other problems that are included in the litigation. If you as the real estate agent do not cover your backside and make sure that all items included in the litigation are disclosed by you in writing along with a disclosure to seek advice from an attorney..you could be sued.
The flip side of this is you may say these are common within most developments and your client takes your word for it and then next year their condo drops like a rock in water in value and they are going to come after you ...cause you might have told them or they understood that this was no big deal.
The one thing I stress to our agents is no matter how small you think something may be disclose it and put it in writing. Always make sure you are covered. How many agents have done the right thing but not put it in writing and had it come back to bite them later.
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