Most real estate agents are deeply proud of their profession, and they discharge their obligations to their clients with the utmost care.
But, what happens if they don’t? Whether you’re a buyer or a seller, there’s a lot of money involved in a real estate transaction, and a realtor’s mistakes can cost you a small fortune and cause you significant emotional distress.
What might give rise to a lawsuit?
Legal action against a real estate agent typically happens when there is some form of negligence, fraud or misrepresentation. This can look like:
- Breach of duty: Your realtor serves as your guide through the complicated transactions necessary to buy or sell a property, and they’re expected to put your interests ahead of their own. When they prioritize their own wallets, that’s a breach of their fiduciary duty.
- Legal advice: Your realtor is an expert in the process of selling and buying, but they are not attorneys. If they offer you legal assurances that you rely upon, you may have a case against them for misrepresentation.
- Misleading actions or statements: All realtors are inclined to highlight a property’s positive attributes and downplay its flaws when they’re trying to make a sale, but they cannot be misleading or untruthful. If certain disclosures weren’t made, you can hold them accountable for their lapses.
- Breach of contract: If your real estate agent fails to fulfill their obligations as outlined in the contract you signed with them, such as not following through with agreed-upon marketing efforts, failing to disclose important information or not representing your interests adequately, you have every right to seek fair compensation.
Before considering legal action, it’s crucial to thoroughly document all communications and transactions with your real estate agent and gather evidence to support your claims. Legal guidance can help you learn more.