Most real estate agents are professionals who give their clients the best work possible. However, you cannot rule out the risk that your agent might let you down. Below are some of the ways an agent might fail you that might require real estate attorney services.
Accepting Secret Fees
Real estate agents are expected to disclose all their fees and commissions upfront. An agent should not accept fees outside the scope of your agreement. For example, if you agree to pay an agent (seller's agent) 5% of the sale price, they should not make a secret arrangement with the buyer or buyer's agent and accept further commissions. Accepting such payment can make the agent not act in your best interest, and this can be the basis for a lawsuit.
Acting without Client's Approval
When you contract a real estate agent, they should act on your behalf and consult you about all major decisions. For example, the agent should not accept or decline any offer without consulting you, even if the offer is ridiculous. So an agent who refuses a low offer without consulting you is liable for your losses. Who knows if you would have been desperate enough to accept the offer?
Giving Advice outside Their Profession
Real estate agents should only advise you on issues within the scope of their profession. Your agent should not advise you on tax issues – you need a tax professional for that. The agent should not advise you on real estate law – there are lawyers for that. You can hold the agent liable for your losses if your agent gives you such advice and you end up losing money as a result of the advice.
Failing to Disclose Information
If you are in the market for a home, your agent must reveal all material facts about the properties in which you are interested. Some of the material defects an agent must disclose include pest infestation plumbing issues, structural defects, and hazardous materials. Thus, an agent who hides such information from you should compensate you for the losses you might incur if you buy the defective house.
Breaching Client's Privacy
Lastly, you can also hold your agent liable for your losses if the agent discloses private information from you. For example, an agent who leaks your financial information can trigger an identity theft that can cause you considerable money to clear up. The agent should pay for the cleanup exercise.
A realtor's actions can cost you significant resources. If that happens, you deserve the right to lodge a legal claim against the realtor.
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