There are a variety of different reasons that individuals will sue real estate licensees. One of the most common reasons that real estate licensees get caught in lawsuits is because of fraud claims. Claimants and plaintiffs will claim that a real estate agent or another real estate associate intended to lie to the plaintiff.
For example, if a real estate knew that there were problems jeopardizing the future development of a property, but told the potential buyers that there were no issues and that development would not be a problem, this would be a case of fraud. Also, if there was a discrepancy about the square footage of the home but the real estate agent failed to disclose this to the potential buyers, then this could be a case of fraud.
Normally claimed injuries for fraud are specific to the situation. Normally these can include diminution of the value of the property or the cost to repair a defect. Also, plaintiffs can petition for replace costs, lost profits, closing costs, loss of consortium, attorney's fees, and even physical and emotional distress depending on the nature of the case. Most damages as a result of fraud are not insurable, which means that the defendant will have to pay out the costs on his or her own.
Another common lawsuit is breach of duty. This occurs when a real estate agent fails to act in the best interest of his or her clients. This can be anything from failing to inform a client of important information about a property, or breaking the client's trust in a variety of ways. The client is entitled to a fiduciary relationship and if this is broken for any reason than the client has the right to seek compensation. For example, if a listing agent does not tell the client that the road front of the property is a flood zone, than this would be a breach of duty.
Individuals can also sue real estate agents or other real estate workers if they misrepresent the value of property. Sometimes a mortgage lender will allege that the appraisal overvalued a property. Or plaintiffs may allege misrepresentation concerning broker price options. A seller may also claim that his or her real estate agent undervalued the property and listed it for too little, and may sue to make up the difference of money that should have been received on the property.
A fourth popular real estate claim is misrepresentations specifically regarding flooding and leaks. Flooding can cause serious damage to property, so all flooding tendencies should be disclosed promptly. If you are not informed of a tendency for flooding or of pre-existing leaks on your property, then you may be able to sue a real estate licensee for the damages that you have had to deal with as a result of the leaks. Normally, individuals can seek financial compensation for damaged property and the structural defects and repair costs.
Fifth, many individuals will start real estate lawsuits because of Consumer Protection Act claims. According to the Consumer Protection Act, it is illegal to use unfair methods of competition to sell products. This also includes real estate law. Sometimes plaintiffs can seek treble damages in cases of this nature. Insurance companies rarely pay out for treble damages, which means that if you are seeking compensation for this sort of case you will probably need to get financial compensation from the defendant specifically. If you want more information about real estate lawsuits or if you think you have a legitimate lawsuit and want to talk with an attorney you can contact a firm near you using this directory.