As a real estate professional you make it your goal to know all aspects of buying, selling and renting a property. We understand you work tirelessly updating social media profiles, reviewing and researching listings, arranging open houses, scheduling view appointments, continuously returning phone calls or texts and attempting to complete the never ending paperwork. We understand that you are completely committed to your clients and their satisfaction. But with so many clients, properties and details it can be far too easy for something to slip through the cracks.
As professionals, Trigon also understands that more times than not, a problem can arise that will lead to litigation. Lawsuits against a real estate agent are the most frequent types of real estate actions. This is because YOU, the agent, deals directly with the client(s), property, contract, legal tasks and negotiations.
Our current real estate market has caused an increase in activity. This includes not only Real Estate Agents and Brokers but Mortgage Specialists, Home Inspectors and Appraisers. Buyers and Sellers have increased. So have their disputes. A Growing Trend: File suit against all who were involved in the transaction. The most likely causes of actions; misrepresentation (fraudulent, innocent, negligent), deceptive trade practice, giving legal advice, representing clients in unfamiliar territory, failing to keep your clients’ data safe, failing to recommend inspections.
Often, not only will real estate professionals have to defend a lawsuit, but they may also find themselves in a position where they may have to defend their license before their state licensing agency.
With the dramatic increase in litigation, will you be prepared when your client is unhappy or believes you are at fault.
A lawsuit can have the single greatest impact on your current and future earnings. The effects are long lasting. Even if allegations are found to be groundless, thousands of dollars may be needed to defend the lawsuit which can bankrupt a smaller company or individual.
Whether you are new to the industry or have been in business for years, you need to be prepared and protect yourself.
Let Trigon help protect you and your company’s assets and reputation with an Errors and Omissions policy today.