Misrepresentation is all too common in real estate. A Real Estate Lawyer in Nassau County NY, has likely seen all types of misrepresentation. Below are the two most common types flooding the industry. They will get a real estate agent in trouble.
Misrepresenting Condition (Particularly Leaks and Flooding)
Few attributes are as damaging and nefarious as flooding damage. It is not something that can easily be brushed aside. Thankfully, the symptoms are often obvious. The cases that go in excess of $100,000 in real estate often involve a misrepresentation of the condition concerning flood damage.
The problem with flood damage is that it is not easy to detect. Real estate agents must never assure a potential buyer that the wet ceiling or burst pipe has no mold beneath it, as an example. At the worst, they can suggest the potential for more damage. This information should be disclosed, and both the client and agent should be in agreement. If a seller did not provide that information, it could still harm the agent. Structural defects are a clear indication. A Real Estate Lawyer in Nassau County NY, suggests disclosing any surface damage. It can be used against an agent if not made clear to the new buyer.
Misrepresenting Property Value
Real estate agents sometimes unassumingly represent the value of the property because they are attempting to be considerate. The following is a not-too-uncommon potential misrepresentation case. A real estate agent is approached by an owner of a home worth $100,000. The seller is looking for a quick sale. The agent suggest that the home is probably only worth $75,000, and the agent suggests going on the market for $50,000. The home sells immediately. Though this may seem good, the homeowner is curious. He researches the property and finds the agent was grossly underselling his home.
On one side, the agent only suggested a price based on a quick sale. On the other, the home was clearly worth more (and a quality appraisal would have gauged that, as well as protected the agent). Broker price options can protect against this scenario. The Law Offices of Elan Wurtzel will cover many situations involving the lack of information in real estate. You can also visit them on Facebook for more information.