DAYTONA – Suing your realtor or Realtor Representation
A real estate agent can represent the property owner or the purchaser in a real estate closing. It is very important to understand who the realtor is representing because that factor impacts the duties and responsibilities of the agent. Below are four types of representation for realtors:
• Listing Agent — A listing agent represents the seller. The agent may also be known as the seller's agent. When a seller retains a realtor, he or she signs a listing agreement. The listing agreement sets forth the terms of the agreement between the parties for services related to the real estate transaction. A listing agent or seller's agent represents the seller only; therefore, the agent must act in the best interests of the seller.
• Buyer's Agent — The buyer's agent represents the purchaser only. As with a seller's agent, the agreement signed between the realtor and the buyer set forth the terms of service between the parties. The buyer's agent has a duty to protect the buyer's best interests throughout the real estate transaction.
• Dual Agents — Dual agents represent both the buyer and the seller. However, the buyer and seller must consent to the agent being a dual agent for both parties. A dual agent may not be able to represent the best interests of both parties if those interests conflict. Dual agents have very specific rules that define the agent's duties and responsibilities during the real estate transaction.
In most cases, it is best for each party in a real estate transaction to have his or her own realtor. By retaining a real estate agent that is acting in your best interest only, you can trust that your agent will do everything within his or her power to ensure that you receive the best possible terms for the real estate transaction.
However, in a few cases, a real estate agent may not act in the client's best interest. In those situations, the client may need the assistance of a Daytona real estate attorney to determine if any legal action is required to protect the client. If you have questions about the duties and responsibilities of a real estate agent under Florida laws, contact our office by calling (888) 316-2131 to talk to our Daytona real estate attorney.
Reasons Why You Might Sue Your Realtor
A real estate agent cannot control the outcome in every situation. Therefore, some poor results in real estate transactions are not the realtor's fault. However, there are situations in which the realtor may be legally liable for damages because he or she failed to protect the client's best interests. Below are several reasons why you may want to discuss your options for filing an action against a realtor with our Daytona real estate attorney:
• Breach of Duty — If the real estate agent does not act in your best interest throughout each step of the real estate transaction, you may have a claim against the realtor for breach of duty if you were harmed or suffered damages because of the realtor's actions.
• Offering Legal Advice — Unless a realtor is a licensed attorney, he or she cannot give legal advice. Even if the agent understands real estate law, practicing law without a license is illegal.
• Failure to Disclose — Failing to disclose a problem with a property or a known defect can result in a legal cause of action for damages. In some cases, a real estate agent can be sued if the client or another party knew about the defect but failed to disclose the defect.
• Negligence — Failing to exercise due care during the transaction is negligent. You can sue your agent for negligence and recover damages if you were harmed by the agent's failure to exercise due care.
• Fraud — If a realtor intentionally uses false information or makes false representations to gain an advantage, you may have a claim against the realtor for fraud.
• Breach of Contract — You have a contract with your real estate agent that outlines the terms of service. If the agent breaches any of the terms of the contract, you may have a valid reason for filing a lawsuit against the realtor.
• Failing to Keep Clients' Data Safe — With hacking being a serious problem for many companies, your real estate agent should have protocols in place to protect your data from being stolen.
There could be other reasons why you might need to pursue legal action against your real estate agent. If you believe you suffered damages or harm because of the actions or inactions of your realtor, we can help. Our Daytona real estate attorneys will review your situation and provide advice about your legal options.
Call a Daytona Real Estate Attorney for More Information
We encourage you to call our office at (888) 316-2131 to speak with a Daytona real estate lawyer to protect your best interests and legal rights regarding a real estate transaction.