When you are a real estate agent, making a small slip-up can lead you to flush plenty of money down the drain, not to mention the loss in face. Reputation is often something that you cannot necessarily buy your way into. With so many clients on your plate, plenty of valuable properties on your portfolio and a mountain of details to juggle, it is all too easy for certain things to slip through the cracks.
There are some steps that you can take to ensure that you don’t wind yourself up in trouble. You can keep these in mind and significantly reduce the risk of you being dragged to court. Read on…
Breach Of Duty
This is up there on the list of ways real estate agents put themselves in a soup. Real estate agents should know for a fact that they must act in the best interest of the client. The reason is that the client is placing trust in the expertise of the estate agents.
Any breach in this regard, either by showing negligence or intentional action, means he/she is subjected to the risk of being slapped with a real estate lawsuit.
The only way for you to avoid this is to act with honesty 100% of the time and document everything.
Disclosing A Defect
Property defects being discovered after the papers are signed is not something that any new homeowner wants to go through. To keep yourself clear, make sure to find every single bit of damage on the property- these must be documented for future purposes.
What do you mean by defect?
These include construction issues, cracks, noises and improvements that are done without permits. Usually, the way these cases go is, if the client were to sue a real estate agent for failing to disclose to them about the defect, then they should be able to prove that the agent knew about the defect, yet chose to not disclose it.
After the damages and defects have been inspected and documented, have the client sign a statement that is proof that they were aware of the issues.
Be Careful While Representing In Unknown Territory
If you are showing clients around or selling properties in an area that you are unfamiliar with, then make sure to thoroughly research the property so as to avoid missing anything important. If there is an issue that comes about due to the geographical location, then you will be to blame as you failed to warn the clients about such problems.
If despite your best efforts, you are called to the stands then it is suggested you lawyer up with the best practicing real estate lawyers. You will find them at https://aharonilaw.com/