Fiduciary Duty And Real Estate

At some point, most individuals will need to move for personal, professional, or health reasons. When such occasions arise, realtors are often employed to help them sell their old house and complete the purchase of a new residence.

Civil law considers real estate transactions significant endeavors and places a heavy responsibility on those performing said duty. Therefore, when industry professionals fail to live up to or even violate said responsibilities, they could be subject to legal actions called lawsuits.

A real estate attorney in Pleasanton CA invites the citizens of that city and nearby locations to continue reading this blog covering concepts such as fiduciary duty, how it applies to real estate, and the steps individuals who believe realtors failed in their duties can execute in response.

Fiduciary Responsibility Defined

A real estate attorney Pleasanton CA reminds prospective clients that, in legal terms, those entrusted fiduciary responsibilities serve a client base and are obligated to perform actions most befitting of their customer’s needs.

In most instances, said individuals deal in legal and financial roles such as advisors, accountants, trust overseers, lawyers, and real estate professionals.

Fiduciary Duties In Relation To Real Estate

A real estate lawyer in Pleasanton CA stresses that realtors who enter fiduciary relationships with clients owe them the following obligations:

Duty Of Care

When the realtor to client relationship is forged, the law asserts that this partnership is made because the agent possesses skills the client lacks. Therefore, the agent has the responsibility to impart said knowledge and demonstrate said talents in an efficient and responsible manner.

Duty Of Disclosure

Realtors are obliged to disclose or identify all pieces of information pertinent to any potential transaction. This means coming clean about any faults or problems that might exist in any property for sale and not withholding such knowledge to heighten the chances of completing a profitable deal.

Loyalty

The agent may not disclose any personal client information without the customer’s consent. This does not, however, refer to any damages that might exist in reference to properties the client is looking to sell and placing on the public market.

Obedience

Realtors are required to follow all of the client’s legal wishes. For example, agent and client might disagree about accepting an offer price. However, fiduciary duty dictates that the real estate professional adhere to the client’s desires.

Proving Fiduciary Real Estate Breaches Occurred

A real estate lawyer Pleasanton CA stresses that the following four major issues must be demonstrated to yield a successful outcome:

The Fiduciary Responsibility Was Firmly Established

A Pleasanton real estate lawyer will need to show that a realtor to client relationship was firmly established. Word of mouth will not suffice. Typically, hard evidence like a signed contract is necessary.

The Fiduciary Breached One Or More Of The Preceding Obligations

Successful civil suits will also hinge on the ability of a Pleasanton real estate attorney to illustrate that the realtor violated one or more of the previously mentioned duties.

In certain instances, said violations may be found through documentary evidence. However, under other circumstances, a more significant investigation might be necessitated.

The Plaintiff Incurred Discernible Damages

The individual bringing forth the case and their legal representation must prove to a ruling entity that irresponsible or criminal behavior led to the incurrence of appreciable damages.

For example, an agent withholds information about faulty plumbing and the client subsequently experiences a major flood inside their home shortly after purchase.

The Defendant Is Directly Responsible For The Associated Damages

Using the previous example, the defendant’s malfeasant or negligent actions must be directly responsible for the untoward occurrence. Ergo, if the plaintiff raised the water pressure or engaged in any other action that could have precipitated pipes bursting, the defendant might not be held accountable.

Reaching Out

Individuals who believe they might have been victimized by a negligent realtor are encouraged to reach out to us. The Tierney Law Group has argued numerous breach of real estate fiduciary actions and yielded solid results. Please visit our website tierneylawgrp.com.