Real estate malpractices rank high in the professional practice field, with personal injury and medical errors coming close to this. Unfortunately, real estate errors lead to a loss of sales for homeowners, with home buyers also robbed of their hard-earned income. With this in mind, you must be aware of the various malpractices you will likely encounter during your home purchase journey.
Misrepresentation
Misrepresentation refers to the omission of information on the property in question. Real estate agents may occasionally omit details such as the amenities available or the distance to nearby shopping areas. When purchasing your property, this leaves you at a disadvantage, leading to extra repair or moving costs. This may be done without the intention of deceiving, making it an erroneous misrepresentation. To avoid such a setback, Vero Beach law firm experts advise buyers to perform due diligence and find out significant details about their choice of property.
False Listings
Numerous buyers will likely fall prey to false listings on various websites and social media outlets. Make it a point first to confirm the reputation of websites where the listing is advertised. Next, check for reviews, with legitimate sites often having a mix of five-star to lower-rated stars based on the level of service offered. Sites such as Realtor.com and Zillow are ideal platforms that list legitimate homes within the greater Vero Beach Area. Performing a physical site inspection is also ideal, with sellers often willing to give buyers a preview of the property listed. If these do not check out, you are likely the victim of a false listing.
Fraud
Unlike misrepresentation, fraud is an intentional act to deceive, with real estate agents often withholding some information to try and push for the sale of a property. This could be the property’s square footage or failure to disclose incentives during the sale of a property, resulting in jail time, as seen in a 2018 arrest of a Vero Beach property developer and attorney. Alternatively, agents can also disappear with money meant to purchase a property or secure a deposit. Instances of false documentation are also common, with agents presenting fake documents during a home purchase. To avoid such pitfalls, always verify the documents presented by confirming them against the county clerk or the land records registry.
Bait and Switch Schemes
Bait and switch schemes are other malpractices common on online platforms. Agents may list a property with incentivized sale prices, luring you into a fast deal. The properties listed often differ from what buyers get at the end of the purchase, with the home being of poor quality. This can be costly for buyers, with these scams linked to high-value properties due to the lucrative offers that they come with. Due to a strong real estate market, Vero Beach homes may be prone to such malpractices, with home prices up by 6.3%.
Negligence in Conducting Fiduciary Duties
Real estate agents are tasked with fiduciary duties when representing buyers. This means that they are required to act in good faith when disclosing various details of a property while also portraying a duty of care when representing you in purchasing a property. Not all will abide by this code of conduct, with a few taking up an undisclosed commission that increases your financial burden. On average, realtors within Vero Beach get about 6% commission on a home, with any increment likely to increase a buyer’s overall purchase fee. Additionally, unscrupulous agents may deny, decline or accept offers based on their interests rather than yours, leaving you with a property that deteriorates in market value over time.
Interested parties may also lose out on profitable commissions due to negligence, as evidenced in a 2019 Vero Beach real estate property case. If you suspect your agent of such incidences or prefer to get secondary advice during your real estate journey, make it a point to reach out to a real estate attorney. Lawyers in this field often have unlimited resources, such as links to real estate firms that can perform a quick background check of the agent and property in question.
If you plan to buy a property in your local area or are looking for a destination home, the above are some real estate malpractices you will likely encounter. While misrepresentation may be challenging to spot, incidences of false listing, fraud, negligence, and bait and switch schemes will be easy to avoid with adequate research. Asking for referrals from professional agents and working with licensed professionals will also help you avoid the above pitfalls, allowing you to keep your finances intact.
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