Buying a home or investment property is always a risky business for residents of the Essex County communities. Real estate is often the largest investment a New Jersey family will make. Furthermore, real estate transactions are complicated legal affairs with a lot of moving parts.
A number of things can go wrong in a real estate deal that could cause someone financial hardship. In one of the worst case scenarios, a person sinks money into real estate and winds up both losing the property and paying for costly litigation.
This risk is one reason why New Jersey residents hire real estate professionals like agents and brokers to help them buy or sell their property.
Real estate professionals must act in the best interest of their clients
As licensed and trained professionals, real estate agents and brokers are supposed to know what they are doing and use that knowledge to help their clients.
Unfortunately, sometimes these professionals are simply not worthy of trust. Some lie or deceive others, even their own clients, about the condition of the property or some other matter.
In other cases, the professional might do something that serves their own interests but not the best interests of their clients. The mishandling of a client’s funds is also a common problem in the world of real estate.
A real estate agent or broker is also liable for professional mistakes
The victim of a real estate professional’s dishonesty or underhanded dealing may have a legal claim for professional malpractice as well as other claims.
Moreover, as professionals, real estate agents and brokers also are financially responsible for negligent professional mistakes, even if they had no intention of hurting their clients.
Even seemingly simple errors like missing a deadline or improperly giving legal advice can be grounds for a claim if the error caused financial or other harm.
In short, a New Jersey resident who has suffered a loss in a real estate deal gone bad may have a valid legal claim against their agent or broker. They should evaluate this option carefully.