Agent and Broker Liability
Agent and Broker Liability
Many people are involved with selling a property, but two titles that have a significant impact are a broker and an agent. Understanding what each provides and where they are liable is essential in the home-buying process.
A Real Estate Agent
A real estate agent is commonly referred to as the salesperson for the property. They are responsible for answering questions on the home or property, reviewing real estate contracts, showcasing the property to prospective buyers, and providing all the necessary information about the sale. When specific duties are not done or completed, an agent could be liable for damages.
Agent Liabilities:
Not informing the buyer of changes or damages.
Using their position for personal gain, i.e., secret profits.
Being irresponsible with the money given to them for the sale.
A Real Estate Broker
A broker can wear many hats during the purchase of a property. They might work closely with the administrative, supervisory, and technical sides of the role. Brokers are responsible for maintaining listings, drafting sale documents, negotiations, handling disputes, setting up walkthroughs, and many other duties. Brokers will often work above a real estate agent or alone.
Broker Liabilities:
Not keeping buyer and seller information confidential.
Being unclear about possible defects or damages.
Breaching fiduciary duties laid out in the contract.
Do you need a real estate attorney?
If you work with a real estate agent or broker, there is a level of responsibility and care they are liable to provide to their clients. If you believe that a contract was breached or they are not conducting themselves accordingly, finding a real estate attorney can protect your rights as a buyer or seller.
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