Is the Listing Agent Telling the Truth in MLS?

I had to terminate a contract this week due to incorrect information contained in the MLS.  The Listing Agent had indicated the condo had TWO reserved parking places for the 2 bedroom unit which is what I listed in the contract.  Once the Sellers saw the contract with “two reserved parking places” mentioned, they weren’t so sure that was correct.  After confirming with the HOA, they learned that indeed, there was only ONE reserved parking place.  My clients, the Buyers, were upset by this misrepresentation!  Not only was the lack of reserved parking places an issue, but they also lost faith in the Listing Agent.  Their thinking was if he listed the parking information incorrectly, what else was not correctly identified in MLS?  After trying to negotiate a concession from the Sellers (to no avail) my clients decided to terminate the contract.  The point of this story is two-fold: (1) Reserved parking places are important; and (2) Listing Agents need to make sure that what they indicate is actually the truth.  Failure to do so is a breach of duty and  a violation of Articles 1, 2, 11, and 12 in the NAR  Code of Ethics. The listing agent told me in a phone call that the Sellers had “told him” they had two reserved places.  Was that good enough? Was the Listing Agent under an obligation to confirm the information?  The answer is the Listing Agent messed up!  He had a responsibility to the Sellers AND to any potential Buyer as well as Buyer Agent to have correct infomation in MLS.  He wasted my time and my clients’ time by representing something that wasn’t true, and he got himself in trouble with his own clients.  This experience reminds me that things are not always as they seem!  Caveat emptor!  A Latin phrase meaning “Let the buyer beware.”

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