12 Risk Reduction Techniques to Use in Your Daily real estate practice: Tip 1

Controlling your Errors & Omissions should be the mission of all real estate professionals. That’s why we’ve compiled a list of 12 risk reduction techniques you can use to minimize your legal liability and maximize your earning potential.

TIP 1: Obtain a written seller’s disclosure form or waiver.

When drawing up papers for a home or property, always make sure you obtain and review the seller’s disclosure or waiver form. Be sure to verify that the information contained in the report is consistent with what you know about the property and advise the seller to update disclosure as needed.

View more risk management materials available to our Real Estate Errors & Omissions customers, including a preview to our E&O Risk Management seminar!

Let us know what you think about our first tip—11 more to come! We’d love to hear if you’ve encountered a situation involving lack of disclosure or inconsistencies involved.

Since most Real Estate Errors & Omissions claims stem from accidental wrongdoing or other common mishaps, your best defense is a good offense. Be certain to train your REALTORS and other real estate professionals on the proper techniques for risk management in their daily operations at your real estate firm. Pearl makes it easy with extensive E&O risk management resources you can rely on.

Training Risk Management Flyer

Want to see how your current Errors & Omissions carrier measures up? Or just doing a little comparison shopping for your next Real Estate E&O Insurance policy? Check out our convenient E&O coverage checklist.

Errors & Omissions Insurance shopping can be so overwhelming! Do you know what to look for in an E&O policy? Let us help—read the most recent article posted on http://www.pearlinsurance.com/social-media/eo/, “Real Estate Errors & Omissions: Buying a Policy.” Pearl gives you tips for when it’s time to sign that dotted line!

Many real estate buyers and sellers like to focus on Real Estate Owned, or REO, properties because these can be inexpensive compared to the standard real estate transaction. REO properties are usually owned by the bank or real estate company, but are not as safe as one might think in regards to your Errors and Omissions liability. Are you protected? Learn more at www.pearlinsurance.com/social-media/eo.

Does your real estate firm use standard forms as a rule? Don’t make it up as you go along! Get Errors & Omissions risk management tips from Pearl Insurance in “Real Estate Transactions: Using Standard Forms” and find out why using them is important to avoid E&O claims.