An agent’s liability can be based upon her failure to explain or properly advise about the documents in a transaction, especially where certain omissions or errors occur. The most common source of malpractice is found in the Seller’s Property Disclosure Statement (the SPDS). Inconsistencies, omitted or vague answers in this document must be pointed out and the buyer advised to investigate the omission. Too many agents simply pass the SPDS on to the client without reviewing it carefully.
On the other hand, too many buyers assume the agent is looking out for them and do not read the documents carefully. This, of course, is the agent’s first line of defense, the careless buyer. However, the typical buyer is not expected to be the expert – that is what the agent is getting paid for. Good advice to any person involved in a real estate transaction is to assume nothing, especially that his agent will notice any problems in the documents and point them out to the client.
According to a recent case, a buyer’s agent may be liable to the seller for failing to disclose that his client does not have the financial ability to close on the property. Until this case was decided, it was generally the law that such a disclosure would violate the agent’s duty to his own client, but that limitation no longer applies. This ruling is particularly significant in today’s financial climate.
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Quite a battle, but we prevailed.
I have never spoken to an attorney as well versed in their field as Harvey Dye. He was very attentive as I explained my situation, and he did not interject once during the entire conversation. After processing all the information I had given him, Harvey went over all possible options for resolving my issue; one of which I would never have thought existed. Thank you for your help, Harvey. You are a true asset to your field.
- Jeffrey Vinca. 10/16/2019
My husband and I met with Harvey to discuss a real estate transaction that we had begun. We had just lost our middle child and were still grieving our loss. We decided to sell our home while in this state of anguish. Harvey was very helpful and meticulous about helping us save our home. We both would highly recommend Harvey and R. Harvey Dye Law for any real estate law needs. I would give him 10 stars!