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What is a Seller Carryback? How to Protect the Seller and Yourself in a Seller Carryback Transaction

Seller carryback financing is when the seller of a given property acts as a lender for a buyer on the seller’s property. The end result is that the buyer signs a promissory note to the seller, for the amount of the carryback with a set interest rate, set monthly payments, and a set time forRead More

Neighborhood in flood zone under water

FEMA and Flood Zones: Real Estate Agent Frequently Asked Questions Answered

When selling or buying a property in or near a flood zone, all parties associated with that purchase will have questions, concerns and mandates. These parties are the buyers, sellers, real estate agents, insurance providers, and lending officers. For you, the real estate agent representing the buyer or seller, we have compiled a list ofRead More

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A Property Manager’s Guide to Successful Property Management Agreements

Many real estate professionals have diversified their business models and become involved in real estate property management. This has been an excellent source of revenue for these professionals, whether they act as property managers or landlords. With this diversification has come a learning curve and the use of different forms for risk management. The keyRead More

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Multiple Offers: How to Reduce Your Risk of a Real Estate Lawsuit

While multiple offers are certainly enviable for listing agents, they also increase the risk of a real estate lawsuit when certain steps, procedures, and laws are not followed. An agent with multiple offers on a listing should take time to strategize with the seller about options for proceeding, and review the pros and cons associatedRead More

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How to Avoid a Real Estate Lawsuit When MLS Gets Things Wrong

Using a multiple listing service (MLS) has benefits for agents, but what if your MLS gets information wrong? Let’s look at how you can protect yourself from a real estate lawsuit and serve your client in this situation. Recently, we spoke to a broker who uses the MLS in his area. The MLS automatically populatesRead More

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Real Estate Electronic Client Communication: Best Practices to Avoid E&O Claim Situations

Did you know that even a text message between you and a client can be used as defense a should a real estate E&O claim be filed against you? Proactive and documented communication is essential in the real estate industry to help reduce your risk of a claim. But what exactly qualifies to be inRead More

Unpermitted rental unit

How to Protect Yourself from a Seller’s Unpermitted Rental Unit During a Sale

Unpermitted rental units and their tenants can pose a risk to real estate agents and brokers. If a buyer can prove that they thought they were purchasing a property that could generate rental income when, in fact, it was an unpermitted rental unit, they can bring a claim against the seller and their agents orRead More

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Document Management Tips to Avoid Costly Real Estate Lawsuits

Failure to keep a client’s information secure is one of the top claims made against real estate agents today. The average direct cost for a data breach is $3,000,000 with an additional $1,300,000 average in cost of lost business after the fact. The most common types of data and security breaches stem from the physicalRead More

Flooded living room plumbing problems

Plumbing Problems? How to Avoid a Real Estate E&O Claim

Have you ever been in this situation? The inspection looked good, but it turned out there were major problems that went unnoticed. When the buyers found out, they were understandably unhappy. If this happened to you, do you know what to do to help your client and avoid a real estate E&O claim? Recently, aRead More

fan blades

When the Septic Hits the Fan

Over the past few years, a new breed of real estate malpractice litigation has surfaced: septic system permitting and inspection disputes. Due to increased septic system regulations, several states and municipalities have passed septic system transfer-of-title mandatory inspections and permitting requirements that may affect your next real estate transaction. These claims all follow a similarRead More

Great job to CRES team members Stephany, Nicole, Leanna, and Alita for making us proud in the Corporate Dash 5K… https://t.co/z0ghGdxQZr Ever had an easy inspection & later found major issues were missed? Here's how to avoid an #EandO claim. #realtor https://t.co/fIEFmcS0GE