Real estate agent professional negligence can cause significant financial loss as well as a great deal of stress and inconvenience for any seller or buyer unfortunate enough to be confronted with substandard or negligent service.
Although most estate agents are committed to providing a professional, competent, and honest service, there are an unfortunate few who, through giving incorrect, misleading, or dishonest advice may cause clients to endure financial loss or damaging but avoidable complications stemming from a property transaction.
National Association of Estate Agents
One way to reduce the potential for real estate professional negligence and its damaging consequences is to seek out a licensed agent.
One group which provides licensed agents is the National Association of Estate Agents (NAEA). NAEA is an important organisation, particularly in the absence of compulsory, statutorily imposed regulation – it has some powers to provide monetary compensation (grants) in the event that a client sustains financial loss caused by the negligent actions, services, dishonest or poor advice of one of its members. This is known as the Client Money Protection Scheme (CMPS).
However, NAEA’s powers to act in these situations is limited, as its scope for providing compensation (it can only provide sums up to a certain limit). All members are obliged to be signatory to an ombudsman scheme – which has the advantage of offering further financial protection.
Of equal importance is the organisation’s Code of Practice and Rules of Conduct. Failure of agencies to abide by the code and rules can result in various sanctions, including fines of up to £5000, for every breach committed.
Professional negligence lawyers in London and Brighton
Contact London and Brighton professional negligence lawyers Healys for information about your chances of making a successful real estate agent professional negligence claim.
Whether you believe your financial loss was the result of misleading information, misrepresentation, false valuation, or another case, contact our teams today for advice and representation.