Reduce Your Risk of Being Sued—Tip #5

Tip 5 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 5: Never act outside your area of expertise.

Even if a property is new construction, provide a list of professionals for the buyers to hire to inspect the home, test for mold and/or pests, and assess the septic system and well. If the buyers forego these inspections, document that fact in writing and obtain a waiver.

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

Stay tuned for more risk reduction tips—we have 7 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 let us know if you’ve ever been zinged for something like this—it’s a more common error than you may think!