Reduce Your Risk of Being Sued—Tip #4
Tip 4 of 12 Risk Reduction Techniques for your daily real estate practice
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 4: Disclose all conflicts of interest in writing.
Claims filed alleging failure to disclose dual agency typically have a high success rate for plaintiffs and result in sizable settlements. To avoid this type of situation, just remember the Four Ds! Decide whom you will represent. Disclose this to all parties. Document your decision in writing. And Do as you say.
Stay tuned for more risk reduction tips—we have 8 more to post! While you’re at it, check out our other blog posts; we have information on risk management training for your agents, using disclosure forms, what to look for in buying an E&O policy, and more. And send us your real estate horror stories involving conflicts of interest—we want to hear from you!
