Although it is not easy work, real estate can be a satisfying business. You have the opportunity to make good money and help people find good homes. When you are in the business of helping people, you don’t really expect to end up tangled in a lawsuit. This can happen, however, through even the smallest errors and omissions real estate professionals can make. Why is E&O coverage important for real estate professionals?
Much at Stake
There is a lot at stake when you are dealing with people’s homes. In recent years, foreclosures have been on the rise. Although this can mean an opportunity for more business, foreclosures also provide additional liability for residential real estate agents. Errors involving the ownership of a home can be extremely costly, and you don’t want to find yourself dealing with that all by yourself.
Errors Can Happen with Any Sale
Just because you understand and can explain all of the complicated paperwork involving a home or property sale doesn’t mean that there is any less paperwork to fill out. With all of that paperwork, things can get overlooked. Even with a simple advisement session, something could be interpreted wrong. From paperwork to conversations, an error can happen anywhere in real estate, even if you are extra conscious of everything you do and say.
The errors and omissions real estate professionals make could happen just about anywhere. With so much at stake, it’s vital that you have proper coverage to help you out if an error does occur with a transaction. You’ll certainly be grateful for your investment in such a policy.