What must a broker disclose if they know hazardous chemicals are present on a property?

When a broker knows that hazardous chemicals are present on a property, they have a legal and ethical obligation to disclose this information to potential buyers. This requirement is crucial for several reasons.

Firstly, the presence of hazardous chemicals can significantly affect the health and safety of the occupants of the property, as well as the value of the property itself. By informing buyers, the broker ensures that they can make an informed decision regarding the purchase, which aligns with the principles of transparency and due diligence in real estate transactions.

Secondly, many states have laws that mandate the disclosure of known hazards, including toxic substances, to protect both buyers and the environment. Failing to disclose this information could expose the broker to liability if the buyer suffers harm as a result of the chemicals present.

Therefore, the obligation to disclose is not contingent upon whether the buyer asks about it or whether the property is being sold; it is a proactive responsibility of the broker. This fosters trust in the real estate profession and helps maintain the integrity of the housing market.