Real estate liability is a concern for brokers, agents, and property owners. Insurance and waivers can protect against liability issues, but legal advice is necessary for accurate information.
Real estate liability is the legal liability associated with the use, sale and purchase of real estate. It’s a concern for brokers and agents involved in real estate sales, as well as people who own or manage real estate, especially real estate investments, where people use the property as a source of income. There are steps people can take to protect themselves against liability issues, and people can also purchase insurance to cover specific known issues. Insurance agents can provide specific advice to their clients based on their needs.
One aspect of real estate liability involves real estate sales. Sales can be legally complex and require contracts and a number of different steps. At various points, people can be responsible for things like not accurately representing a property, not protecting the interests of their customers, and neglecting aspects of the sales process. Customers can sue brokers and agents for damages, and premiums can be very high for substantial sales. For example, if an agent fails to provide a disclosure that they are required to offer by law, the buyer could sue once the problem is discovered to pay to fix the problem.
For property owners, liability can include a range of topics, from injuries suffered by tenants due to faulty maintenance to legal liability for tenants’ misuse of the property. Liability insurance is available to provide coverage. Insurance can help cover the costs of lawsuits, as well as pay compensation if a judge or jury decides to award damages to a plaintiff. In some cases, people may need to carry a policy to comply with the law or the terms of a home loan.
Another tactic to limit real estate liability is to get people to sign waivers. For example, when banks sell homes in foreclosure, they offer them as-is to buyers. People cannot sue for defects in the property they find after the sale has been completed, as the seller is protected by filing as-is. Similarly, a person who operates a business where injuries are a known risk, such as a rope course, might require customers to sign a liability waiver to protect property and the business owner from a lawsuit.
Real estate liability covers a wide range of legal topics. It is usually necessary to consult a lawyer who specializes in this matter to get the most accurate and useful information. People with concerns about liability can meet with a real estate attorney to discuss the situation and steps they can take to protect themselves. Attorney fees can vary, but are often worth the price, as an attorney can save someone money with tips for controlling, limiting, and addressing estate liability.
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