Real-Estate agents obliged to disclose full information
September 15, 2019 7:20 am
It is the moral obligation of real estate agents to disclose all information in relation to a property to the buyers says Real Agents Licensing Board Chair Dr Abdul Hassan.
Dr Hassan says while no formal complaints were lodged to REALB, some members of the public have raised concerns in regards to this.
He says the six types of stigma associated with the real estate are criminal stigma, debt stigma, minimal stigma, murder or suicide stigma, phenomena stigma and public stigma.
Dr Hassan says although there is no provision in the Real Estate Agents Act 2006 on the disclosure matters, but agents must disclose the history of the property.
He says the stigma associated with real-estate include unrelated to its physical condition or features.
He says it can also include the murder, suicide, death of an occupant, drugs and prostitution.
The REALB chair says in Fiji, the famous phenomena stigma is where the agents need to disclose if a house is renowned for haunting or ghost sighting in the building or on the property.
He says other common cases discussed in the Road Shows in Sigatoka, Lautoka and Nadi include prostitution and drug dealings in the neighborhood.
Dr Hassan says in Lautoka, the residents are facing problems in terms of termites affecting the houses and this information should be disclosed to the potential buyers.