Lawsuits are a real part of the job that agents must be aware of to protect themselves, their assets and their businesses. According to a prominent law firm, there has been a recent increase in lawsuits against real estate agents and brokers that spans the entire country. Even though the National Association of Realtors says that only 25 percent of those sued are ultimately found liable, it's something every Realtor should be concerned about. Especially considering that, according to the Court Statistics Project, a typical lawsuit involving contracts costs an estimated $91,000. We all do our best to provide the best possible service to our clients, but sometimes our best isn't enough. Lawsuits against agents can stem from a failure to disclose negative aspects of the property, breach of contract, giving legal advice, intentional misrepresentation and more. For example, if a seller fails to disclose something about a home, the buyer could sue the you as the agent -- ev...
- Proper protective measures can help agents guard their personal and professional assets from legal threats.
- Agents can offer their best professional service and advice, but if there is a failure to disclose important information, they open themselves to lawsuits and litigation.
- Research and review different asset protection programs to avoid potential scams.