Legal battles over real estate transactions increase

Lew Sichelman:

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves. But disgruntled buyers or sellers who believe they've been so wronged that they are willing to spend the time and money to take their realty professionals to court bring a fair number of cases.

The vast majority of transactions go off without a hitch. Moreover, the cases that are adjudicated tend to come down in favor of the defendant.

But if the latest edition of Legal Scan tells us anything, it's that a handful of agents and brokers either don't know the law or don't care to follow it.

Legal Scan is a biennial research report by the National Assn. of Realtors of the legal issues facing its 1 million members. Combining surveys of state real estate commissions and other key people in the business with an analysis of case law and recently enacted statutes, the report identifies potential pitfalls that can ensnare anyone.