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Legal Actions Against Agents Are On The Rise.

Posted by Bryant Tutas on March 15, 2011 at 11:30am

This article is from the Florida Association of REALTORS(R) daily news letter:

More legal snags jeopardize real estate deals NEW YORK – March 15, 2011 – With a real estate market filled with complex deals, legal disputes from real estate transactions are on the rise. Legal snags from short sales, foreclosures, and disclosures are prompting more real estate deals to end up in court.

Legal disputes stemming from short sales, in particular, are increasing, from how banks handle defaults to disclosures and contract performance sections of the sale.

Some sellers are taking legal action against their real estate agents, accusing agents of pushing through short sales and failing to inform them of their possible loan deficiency and tax obligations, such as how the amount forgiven by lenders may be subject to income taxes. READ THE REST OF THE ARTICLE

Tags: law
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Comments

  • Wendy Rulnick March 15, 2011 at 12:04pm

    Real estate agents need to recommend short sale sellers seek legal and tax advice when doing a short sale.  

     

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