While there are many problems with the new South Carolina Real Estate Law that we have chronicled in previous posts, today we examine a good addition to the law that is set forth in SC Code §40-57-350(F).
The code provision holds that a real estate agent acting as a buyer’s agent may offer properties that interest their client to other potential buyers. The law further states that when an agent has two buyer clients who are competing for the same property the agent must give both clients written notice that “neither will receive the confidential information of the other.”
Because all client information is confidential except for matters that are required by law to be disclosed (i.e., material adverse facts) the agent should not disclose anything about the client that is not required. For example, do not disclose the client’s identity, other properties of which they are interested, the subdivision they currently reside, as well as any information about their offer or intent to purchase. All of this information could potentially help a competing party determine a likely range offer by the other party and could give that party an unfair advantage in competing for the property.
When confronted with this issue, provide the written notice and do not discuss the other party with your client at all.
Blair Cato Pickren Casterline is pleased to announce that it is now the preferred closing attorney and legal counsel to EPIC HOMES, LLC. Epic Homes is a premier “build-on-your-land” custom builder. Jennifer and J.J. Nettles are not only great builders but they are also wonderful people. We look forward to working with them and our other builders such as Blue Ribbon Builders, Circle H Builders, Executive Construction Homes, Great Southern Homes, New Start Homes, New Style Communities, Ryan Homes, Synergy Homes and Wilson Parker Homes.