Does a real estate agent have the right to make a plus value on the sale of a property without informing the buyer?

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Does a real estate agent have the right to make a plus value on the sale of a property without informing the buyer?

A real estate agent sold me property lying on the market price to make a plus value on the sale. He bought the property to the actual owner and sold it to me the very same day with a 50% plus value without informing me. Is that legal? Can I sue the real estate agent to have my money back?

Asked on December 16, 2011 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

In every transaction, the seller of real property is required to disclose all matters known about the property that affects its value or desirability by a willing buyer. In your situation, if you were not disclosed the true facts about the transaction that you are writing about where the real estate agent made a quick profit where he or she represented that he or she was the owner when you entered into the contract but was not and made a quick flip of the property, you may have grounds for a rescission of the purchase based upon concealment or a rebate of your purchase price if you wish to keep the property.

I suggest that you consult with an experienced real estate attorney about your situation. You also might wish to explore making a complaint with your state's department of real estate against the real estate agent that you bought the property from.


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