Miranda Warning — Real Estate Version
As required by the Miranda warning, police making an arrest must tell the person in custody, prior to interrogation, that they have the right to remain silent, and that anything they say will be used against them in court.
Minus the explicit warning (and the courtroom), the same thing applies in real estate.
That is, anything a Buyer or Seller divulges about their motivation, bottom (or top) line price, or desired terms can and will be used by the other side.
Which is why the Seller of the home my client just bought found out at closing — not when we were negotiating the Purchase Agreement two months before — that a big part of my client’s strong emotional attachment to the home was that it had once belonged to her grandparents.