The law requires every professional to exercise their skill to the highest appropriate standard expected of them. A mistake or failure in practicing their skill may cause damage or injury to clients. A professional may be held liable for any complaints arising from unsatisfactory transaction. While it is natural for people to commit mistakes, the consequences and impact towards the business is big. Reputation is damaged, funds run out and business operation may be halted.
Real estate business is no exception. Clients are putting all their hard earned money into this investment so they expect that they will get value for money and be given the best service from real estate agents and firms. However there are cases when real estate transactions do not end up smoothly as foreseen. Change happens and some buyers are not open to resolving issues. Instead they would feel that they have been tricked and naturally would claim that details of the deal were not properly disclose. Problems arise and not having them resolved mutually will end up one being unsatisfied. Even if the job is properly executed, more often real estate people face allegations of negligence and deception.
When an untoward incident from business dealings arises,
protect your side through professional indemnity insurance. Some countries have this insurance mandatory not only for real estate practice but for other professions as well. Having the best insurance is a worthy investment. It is important to check the coverage of the insurance you are about to get. Although a bit pricey, go for the most comprehensive cover. This will give you full protection and you will have peace of mind.
