For real estate agents, errors and omissions lawsuits are a very real possibility. These cases, stemming from an alleged mistake or misconduct on the part of the real estate agent can have a disastrous effect on the agent. Here are a couple of ways for real estate agents to prepare for such a lawsuit.
Get Errors and Omissions Insurance
When you become a real estate agent, one of the very first things you need to do is get real estate liability insurance. This type of insurance financially covers nearly every type of lawsuit that could be levied against the professional actions of a real estate agent.
Prepare for Everything
Once you have great real estate liability insurance that covers you in the event of a lawsuit, the only other thing you can do is prepare. Prepare thoroughly for every client. It is also important to plan for potential lawsuits. Having a plan of attack for possible legal matters will allow you to do your best work every day.
Real estate liability insurance is an absolute necessity if you work in that profession. No matter what you do, mistake will always be made. Even if you are absolutely perfect, people may still allege that you have done something wrong. It is always best to plan for the worst by making sure you have adequate errors and omission insurance.