Under NC License Law, who can be held responsible for reporting Material Facts?

In North Carolina, the responsibility of reporting material facts falls primarily on agents. Agents are legally obligated to disclose material facts that might affect a buyer’s or seller’s decision about a property. Material facts include any information that could influence a party’s actions in a real estate transaction, such as issues with the property's structure, its title, or conditions affecting the property's value.

While brokers, who are typically responsible for supervising agents, have their own set of obligations, the direct duty to report material facts rests with the agents in their direct dealings with clients and prospective buyers. Therefore, agents must be vigilant in gathering, assessing, and conveying this critical information in a timely manner to avoid potential legal repercussions.

Clients, on the other hand, generally do not have the same level of responsibility regarding the disclosure of material facts. Their role is primarily to provide information relevant to the transaction rather than to disclose material issues concerning the property itself.