Estate Agent Negligence
Buying or selling a home is one of the most important decisions someone can make. Most people entrust the task to an estate agent.
Anyone can set up work as an estate agent, even without professional qualifications and as a result some do make mistakes which can have severe consequences for the parties involved.
Whilst the Estate Agents Act of 1979 regulates the activities of estate agents including the requirement to act in the best interests of clients and to treat all interested parties fairly there not many further rules or regulations which they must follow.
There are a number of ways in which estate agents can be negligent with the most obvious reason relating to over valuing or undervaluing the property that they are offering for sale although there is also the real possibility of legal action for negligent misstatement which may have induced a third party to enter into a contact to buy.
Some of the most common reasons for a claim against an estate agent are:
Offering a property for sale at an undervalue as a result of which there is a real and immediate loss caused to the seller if the sale is eventually agreed at such undervalued price.
Offering a property at a price that is too high as a result of which the seller may incur excessive advertising costs and/or the delay in a sale may incur bank charges and bridging loans resulting in a direct loss with the further possibly of the loss of an intended purchase.
Failure to advise on changing market conditions which mean that a property has become overvalued or undervalued with the passage of time resulting in the financial consequences outlined above.
A seller being held responsible for losses as a result of negligent mis-statement by an estate agent which induced the buyer to purchase the property
Failure to advise on potential development opportunity of your property.
If you consider that you have been let down by your estate agent get in contact with us by calling 0333 577 5677 or online.
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