Common Real Estate Insurance Claims
Real estate agent insurance is an important thing for any insurance agency to have. This crucial policy can protect your company in the event of many different claims against you or one of your employees. Here are some of the most common claims alleged against real estate agencies.
Failure to Disclose Material Facts
Sometimes, facts get overlooked and that can be a big problem for people purchasing real estate. When buying a home, people want to know all the facts, not just some. When a real estate agent fails to tell a potential buyer all of the facts about a property, they can be held liable.
Failure to Inspect Property
Having a property fully inspected for damage and potential hazards is an important part of purchasing or selling a home. When an agent fails to do this for a client, or is accused of failing to do this, clients can file a suit against them.
Delay in Closing Transaction
Closing on a property is not a quick process. Sometimes the process gets delayed time and again. If a client is unhappy with how long they wait to close, or they lose the property they are interested in buying, the agent could be held accountable for that.
Mistakes are inevitable in any business. Making sure that you and your employees are covered in the event of an error is very important. That is why real estate agent insurance is a must for any company.