Chelsea Michigan Home Buying

Maryland court rules that real estate agents can break law

I just heard the very unfortunate outcome of a two year court battle centered around a real estate company's obligation to disclosure their agency status.

The link above is an article on the history, but here is a short version:

The buyer hires a company to represent him as his buyer's agent.

Then the agreement expires and they don't tell him. They act like they are still on his side, but get him to sign a purchase agreement that puts him and his whole earnest money at risk.

When he finds out he has been scammed, he tries to stop the process, and he goes to court to get his earnest money back.

Now, 2 years latter, after the real estate agents admit that they broke the agency disclosure law. The court finds that the buyer still looses his earnest money along with tens of thousands of dollars in court costs.

Very unfortunate. And a strike against buyer's rights.

Labels: agency disclosure maryland

posted by Jon Boyd @ 3:51 PM