Question to the Group and especially anyone familiar with California R.E. Law.
Must one disclose that he/she is going to be both the buyer in one transaction and the seller in another? My realtor told me I have to disclose to a seller that I might be flipping a property. Is this true? I have no problems in doing that, but what does the law say?
Your Realtor might possibly have to make such a disclosure in accordance with possible fiduciary responsibilities. When I was a Broker I used to make these and other disclosures on a routine basis. If you’re not a Realtor though, this would not be necessary.
Re: Flipping Disclosures ( Must I???) - Posted by Ed Garcia
Posted by Ed Garcia on March 19, 2001 at 10:17:08:
Fred,
The easiest, cleanest, way to do it is, when you’re doing your contract, do it under your name, or assignee. If the seller or realtor should question this, then tell them you always do your contract in that manner so that it will allow you to take on a partner, or assign it to your LLC.