Inman News (07/24/08); Carter, Matt
At the recent Inman Real Estate Connect San Francisco, real estate attorney Harold Justman discussed the increased popularity of listing real estate owned properties and urged real estate agents and brokers to proceed with caution. He noted that lenders are having listing contracts drafted by attorneys that make agents and brokers responsible for property management, disclosure of property defects and other liabilities. Justman said, "Your E and O (errors and omission) policy may not cover property management, because it is a high-risk, high-claim activity." He pointed out that agents could gain a lot of listings from lenders; but legal fees will wipe out their commissions if they are sued, making it important for them to have an attorney review listing contracts before signing.
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