If you work in the real estate business, you know that experiencing a lawsuit against real estate agent is a very real possibility, since the industry may expose agents to several issues and vulnerabilities. In order to avoid these problems, here are the most frequent types of lawsuits that you should be aware of.
Breaches of Contract and Other Contractual Issues
One of the most common real estate lawsuits typically involves contractual problems. These may arise when a real estate agent allegedly fails to fulfill contractual obligations. Some common contract-related lawsuits may allege:
- Breach of contract
- Misrepresentation of the facts in the contract
- Failure to identify essential details
Negligence and Similar Legal Issues
Another frequent lawsuit type is claims of negligence and similar expectation-based legal issues. A typical real estate agent, for instance, may be expected or legally obligated to disclose certain information to sellers or clients. These lawsuits generally sue over alleged:
- Failure to disclose property issues to clients
- Incorrect legal advice
- Failure to advise clients on necessary details
In the real estate business, experiencing a lawsuit against real estate agent is not uncommon. If you’re a real estate professional, however, you can help shield yourself from legal issues by becoming educated about the most frequent types of lawsuits in the industry.