When you’re selling real estate, most of the time things go right. Being a realtor is an exciting and rewarding career. You get to show clients houses, watch them fall in love with a property, and then guide them through the buying process. Buying a home is so much more than a cut-and-dry financial deal. When people are purchasing a home, they become emotionally attached to the outcome. That’s why when things go wrong, your customers can react in extreme ways, which is why you need real estate agent insurance to protect you.
What Clients Sue For
Buyers have intense emotional responses when things go awry in their realty transactions. Some individuals may even contact a lawyer if they end up in the wrong school district. Typical legal claims made against realtors include:
- Delays in the closing transactions
- Failure to recommend favorable price
- Failure to reveal facts
- Libel and/or slander
- Failure to provide documents
- Failure to inspect the property
Even when claims are unfounded, you can rack up hefty legal costs. To defend yourself, you’ll need to hire an attorney, pay court costs, and spend money for administrative fees. This is why it’s imperative to protect yourself by having real estate agent insurance.
Whether you’re a new agent just starting out or an experienced top realtor in your area, calamities happen. Make sure you have adequate insurance protection to back you up.