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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37078
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Buyers agent put in provision section of contract that he did not want the purchase price

Customer Question

buyers agent put in provision section of contract that he did not want the purchase price disclosed..........at time of closing
property was in the MLS with price already, what should one do in this matter.
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
the buyer is now wanting to sue my Broker and listing agent on this property because MLS states you have to show Listed, Option Pending, Pending and Closed (which requires the buyers agent name, finance information, loan amount, etc)
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and my goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.
1. What state did this occur in?
2. The agent didn't want the sale price disclosed to whom? When? How did the agent think that this was possible to do?
3. What price was listed in the MLS at time of closing? The sale price, the asking price?
4. Why is any of this an issue---I'm trying to determine how there are damages even if a seller agreed not to disclose.
Doug
Customer: replied 1 year ago.
1. Texas
2. The buyer did not want the sales price reported and said in the provisions of the contract" I do not want sales price disclosed"
3.$335k and he paid full price of $335k
4.Says we violated the "code of ethics", Breeched contract, disclosed confidential information.
***filing complaint against Broker and Sales PErson****
Customer: replied 1 year ago.
He said the county Tax office received a HUD(which we did not send to them) I am guessing he is mad that the County is taxing him on his sales price of the home.,,,,my guess
Expert:  LawTalk replied 1 year ago.
Good afternoon,
Thanks for the additional clarification.
It sounds like the guy is angry that his attempt at tax fraud didn't work.
I will say that your agent was rather foolish to agree to have you sign the contract with that clause in it. You certainty didn't disclose it---they did----but I don’t see where they have a problem either as they were not bound by your contract. They didn't agree not to disclose.
The MLS requires them to disclose the sale price as well as other steps in the sale process. The county requires the disclosure of the sales price for taxation purposes.
While he can file a complaint if he wants, it won't get him anywhere. At most he was thwarted in his attempt to defraud the county tax collector. Other than that, there are no damages that he has suffered.
The state real estate board is aware of the disclosure requirement of sales prices so I don’t see this as anything more than a buyer having a tantrum.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Please remember to rate my service to you so that I can be compensated for helping you.
I wish you and yours the best in 2015,
Doug