Professional Advice: Broker Liability
Part 14 of the Contract outlines what the Broker’s role is and discusses Broker Liability. The role of a Broker is to advise the Buyer and Seller of the representations that have been made on the Contract and to encourage both parties to verify and receive specialized advice regarding these representations from professionals in the appropriate fields. The Broker must inform the Buyer that his representations are based on what he is told by the Seller and the information available in the public records, not from having lived in the property. This section also contains a bolded clause that states that in signing the Contract, the Buyer is agreeing to rely on all of the people mentioned above when it comes to the verification of the condition of the property, the square footage of the property and any facts that materially affect the value of the property and not on the representations of the Broker.