Home buyers are regularly cautioned to shield themselves from any potential problems in the property they are purchasing, but what about protection for the agent selling it? Sometimes buyers feel they have been mistreated or misinformed and they want to blame someone, and the seller is an easy target. Real estate liability insurance can help protect you against costly litigation should a complaint arise.
Liability insurance can cover many issues, from concerns with the actual selling process to problems with the property purchased. It covers legal costs associated with charges of negligence, oversights or mistakes. Even if a case is decided in the agent’s favor, there can be significant attorney fees and court costs.
In a culture of litigation, it’s not uncommon for a disgruntled buyer to blame a real estate agent when a sale doesn’t work out as anticipated. Buyers have tried to hold agents responsible for failing to close a loan quickly enough, for misleading them about which school their children would attend, or from disclosing potential damage from pests.
Despite conscientious efforts on the part of a real estate agent, a home buyer or seller may feel they did not receive the service they feel they deserved. Real estate liability insurance can take away the worry of paying for litigation, and help realtors concentrate on what they want to do: match homes to buyers.