New real estate agents are still coming up to speed on everything they need to get started.
Unfortunately, professional liability for real estate agents starts from day one. Here are a few
common liabilities you may encounter as you start your small business.
As a real estate agent, you are required to disclose any information you know about a property.
Unfortunately, you may not always know there is a property defect and fail to disclose that to your
client. They purchase the home, find the defect and then accuse you of not disclosing it.
According to the experts at U.S. Risk programs, the cost to defend against a he-said, she-said
a lawsuit can cause significant financial loss for the professional.
Many agents enter into a contract with their clients. When one party fails to abide by the terms
agreed upon, a claim for breach of contract can ensue. Often these types of claims occur with
other claims such as fraud or negligence.
Cybercrimes are up and affect real estate agents who fail to put up the necessary safeguards.
Failure to secure their information could land you in court.
These are only a few examples of professional liability for real estate agents. New agents should
consider the variety of potential liabilities as they start their new profession.