Legal Question in Real Estate Law in Florida
Real Estate Agents--Can I Sue?
The RE agent that I hired did not co-broke the commission to the buyer's agent as agreed on my contact. Usually the buyer's agent will have how much commission he/she is receiving and I found out that my agent was keeping a higher commission for herself when we had agreed that the buyer's agent's commission should be more. Also, the agent told us to buy another property and do a 1031 exchange so that we do not have to pay capital gains taxes however forgot to tell us that we had to sell the other property within a certain period of time...I met with an attorney and he said that I could sue for unethical behavior/misled/negligence/puffing...I don't really know all the legal jargon and he wanted to see whether the agent has ''errors & omission'' policy...Please explain
2 Answers from Attorneys
Re: Real Estate Agents--Can I Sue?
Did you buy the other property for the 1031 in reliance on the agent?
Re: Real Estate Agents--Can I Sue?
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
An errors and omissions policy is generally a malpractice insurance policy for a realtor which covers them in the event of an error which cause harm to their clients. You never said whether or not you were damaged as the result of your realtor's actions? Further, most realtors have you sign an instrument or on the listing agreement advising you to review all agreements and contracts with an attorney. Did you sign an instrument or did the listing agreement have this clause? If so, your opportunities may be very limited.
Scott R. Jay, Esq.
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