Ha ha ha

When it is a listing - there is not "confidentiality" - disclose!

I have "confidence" that karma has a place in life.  In real estate, there is disclosure.   Check each state law as this seems to vary.  Conscience too.  But that's another subject I imagine.  

NC law requires that I disclose all material issues and in fact requires me to "inspect" the property thoroughly enough to see them. And I'm obligated to do this whether sellers wants to disclose or not. Has nothing to do with whether the seller is a friend.

UNLESS the seller has no or limited knowledge of any condition issues that would materially and adversely affect consideration to be paid . . .

that's going on the Seller's Property Disclosure Statement.

All material defects need to be disclosed.  The key is the term "material".

So that doesn't mean I have to disclose that the door creaks, and the windows rattle.  But if it's truly "material"... (asbestos, mold, structural, foundation, roof)... then it must be disclosed.

Must disclose all material adverse facts, we have a form for this that we upload with the condition report to the assoc docs on the mls.

When it comes to the business transaction - no friends. It is a business.

Some items are required to be disclosed at different points in the process.  Best to check with your state laws.  You have a duty to disclose everything you know for a fact about the house.

There was one in town that was haunted, like Ghostbusters (original) library scene haunted.  That was publicly disclosed and it sold to a haunted house tour company.

We have a 6 page Seller Disclosure Statement that the seller fills out. If a seller told me about an issue but did not disclose it on the Seller Disclosure I would encourage him to amend his Disclosure form. If he refused I would have to inform him that while he can choose not to, I do have to disclose any material facts that I'm aware of.

When defects are revealed it's best to disclose them.

It depends on the issues.  Is it material facts?  If it is then it MUST BE DISCLOSED.  We also have a seller's disclosure form that needs to be filled out.  If the issue is something like the seller believes the place has bad karma because he and his wife have been arguing a lot since they bought the place then there's no need to disclose. 

I found early in my career that it is so much easier to disclose everything you know up front. Buyers don't tend to panic if it's been disclosed, but if they find out later, it's your neck that could be in the noose.

Mott,

Plainly said, disclose, disclose, disclose...

You let your "friend" know that you and he are required to disclose all know issues with the property. Failure to disclose can cost you your license.

When in doubt, disclose...real estate 101...first thing I learned and what my brokers have always told me.

If my "friend" thought that I would be willing to conceal a problem or defect with the property, the soon-to-be ex-friend would be mistaken.

The seller must fill out two multi-page disclosure forms which ask numerous questions about the property. The seller is expected to answer the questions truthfully. Failure to do so could lead to a court appearance to defend against a lawsuit from an agrieved buyer.

Other disclosures are also required.

Both the seller and agent must disclose any "material" defects or facts. Material in this sense means something that is important for or determinative in the buyer's decision to buy or which might influence the price the buyer may offer.

You'd be hard pressed to find a Seller's lawyer advising that any disclosure statement be provided in my market.  That is why Home Inspections are needed.  As for Realtors discussing defects, unless you're a qualified home inspector or contractor or tradesman of some sort, you don't want to involve yourself in such. It would be seen as practicing outside your area of expertise!

My clients were always informed that if they told me any thing then I had to disclose that information. I don't feel I had to but everything out there in the mls description but if asked I needed to disclose.

Schools back in session. 

If we know it ... DISCLOSE IT. That would be disclosed on my Agent Visual Inspection Disclosure.  

Why aren’t these on the Sellers Disclosure ???

No, not in the MLS remarks, let the photos tell the story. You disclose all in the TDS and SPQ and always when asked. It's that simple, stay out of court: disclose! But disclosures mostly do not need be in the advertising; except death on property type stuff.

It is my understanding the hearsay is not a mandatory disclosure.  I once had an agent tell me something about my new listing and then said "now that you know this you must disclose it"  I took it as a way to hurt my client with no record or proof so I kept it in the back of my mind and never trusted this agent again.

everything must be fully disclosed .............

AND I would make sure the seller fills out a "seller's condition of property disclosure" for every potential buyer to read.... I always left it on the counter for all to see prior to making an offer....

If it is a material fact, you are responsible for disclosing in NC. It isn't just an ethics violation. I tell the seller that I have to disclose and the best thing to do is face it head on. Make repairs if possible and if not possible, disclose and price accordingly. If ever in doubt, disclose, disclose, disclose. If the seller refuses then they may need another agent.

Best to disclose and in states where a property condition disclosure by the seller is required, they better disclose to!

Well you need to encourage the seller to disclose these issues, because if they don't then you will be obligated to.  Hopefully they will get it and do full disclosure,

The seller must disclose all known material facts in the Sellers Property Disclosure. Our sellers understand and know it's what must happen and why.

Material facts must be disclosed. There are plenty of mandatory disclosures here in CA for that.

You and your client need to disclose material facts.

Material facts must be disclosed. The seller has to fill out the TDS truthfully and also the SPQ. On top of that you have to do your Agent Visual Inspection form. I always tell my sellers not to try to hide anything. As far as the buyer goes, I always reommend to have a qualified Home Inspector inspect the house. They can choose to have their own inspector or they can chose one that I reommend. In the MLS, I try to paint a pretty picture but I mention anything visible, i.e. "needs work".

First I tell this "friend" we must disclose all known defects.  If he or she refuses I would not take the listing.  If they agree I would disclose.

Issues?  Has the seller completed a disclosure?  Suggest a home inspection early, by seller to load the conversation.

Ethics, We can only abide by our fiduciary duty and must be clear and transparent with everyone. If the property has issues they must be disclosed. There is no confidentiality when it comes to disclosure of a problem/issue.

The minute one of my "friends" starts to talk real estate, I swith into professional mode. Depending on what was said to you in "confidence" may have to be disclosed.

One of my early memtors always said, "Disclose, disclose, disclose."

As Valeria Mola wrote. I prefer to remain licensed

The rule is disclose, disclose and disclose so I would have a talk with my friend and let him know what the law is and how it affects selling the property. 

There is a saying  If you know Disclose.

Mott, instead of asking questions you already know the answer to, why don't you sahre what you would do?

You are mandated to disclose.

If you want to keep your license, disclose, or let seller disclose in Residential Disclosure report if seller is choosing to fill one out (depending on your state rules).