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Real Estate Malpractice Claims on the Rise

Thursday, 27 October 2011

Three valuable lessons you can learn from others' mistakes.

I was recently reading an article by Meredith Hobbs in the Atlanta Daily Report entitled, "Failed Real Estate Deals Driving Malpractice Claims." I've included a link below. While the article focused on professional liability suits due to the commercial real estate bust, there are some good general lessons that may help you avoid the same perils in your own business.

Although Confucius said that we should "be not ashamed of mistakes and thus make them crimes," in our line of work that is not necessarily the case. In addition to the typical claims that are probably covered under your E&O insurance, the article mentioned plaintiffs also claiming fraud and racketeering to intimidate the attorneys.

Here are three things you can do to avoid these types of claims:

While the real estate bust seems to be bottoming out, it's time to make sure your oversight, attention to detail, and client documentation are all in peak shape.

Douglas V. Chandler

If you have a subscription to the Daily Report, you can find the article by clicking here.