Legal Lines: October 2019

This month’s legal lines question deals with previous appraisals.

Question: If a buyer wants to see the appraisal from a previous offer on the same property, does he have a right to see it? If not, but the agent knows the appraised value, is the appraised value then considered a material fact? Is the agent then obligated to disclose that figure of the appraisal, but not hand over the actual report?

Answer: A listing agent has no duty to disclose what the property appraised for previously. A buyer agent who knows what the property appraised for would owe such a duty, unless the buyer agent learned of the appraised value while representing the seller and the information was directed to be kept confidential.

In our Legal Lines column, we feature a question from GAR’s Legal Helpline each month. Answers to these questions are provided by GAR General Counsel, Seth Weissman. Questions and answers are edited for brevity and clarity. Click here to learn more about our Legal Helpline or to submit a question.