Buying real estate is a huge investment and requires an agent who is trustworthy and professional. When trust is broken, the results can often be devastating and costly. If you suspect your real estate broker has committed broker malpractice, or you feel you may need the Best Real Estate Attorney in San Diego, you can look here for a few examples and explanations of typical malpractice claims.
Some of the most common types of real estate broker malpractice are fraud, breach of duty or breach of contract, negligence and misrepresentation. Although these are not the only types of malpractice, these are the most commonly seen in litigation.
Fraud is the number one malpractice claim when dealing with a real estate broker. Fraud encompasses several aspects, but must include ‘intent’ in order to qualify. ‘Intent’ means the agent purposefully meant to cause harm to the buyer by fraudulently withholding information from the client. Examples of this are withholding pertinent information regarding problems that would jeopardize future development of the property, withholding a discrepancy between the square footage of the property or ignoring incomplete Seller’s Disclosure of Property Condition forms.
Breach of fiduciary duty and breach of contract are other more common types of malpractice. This type of malpractice revolves around what is in the best interest of the real estate’s client. If the broker does anything against or fails to do his due diligence in regard to his client, he has breached his fiduciary duty. The best example of this type of malpractice is when a broker has a vested interest in the property. This could be anything from financially benefiting from the particular property being sold, to withholding from the client that the seller is willing to lower their price, in order to gain a higher commission.
Negligence and misrepresentation are also common types of real estate broker malpractice. Negligence and misrepresentation can be anything from failing to notify the buyer of termite damage in a home, to failing to notify the buyer that a home was listed as a 5 bedroom but only had a 3 bedroom approval for the current septic system.
These and other types of failures of real estate brokers are grounds to hire the Best Real Estate Attorney in San Diego you can find. It can be inconvenient and very costly to be saddled with a property lemon, but hiring representation can help correct the issue. For more info visit us website
