Real estate property is also litigious due to many factors involving developers, owners, tenants, property brokers, financial institutions and other stake holders. Of late, property brokers or real estate agents, are considered an important pillar of real estate segment as they give valuable advice to the investor. Speaking more on this, Nagendra Singh, an advocate, informs, "The buyer before closing any property deal must get familiarise oneself with common nuances of trade for staying away from the litigation in the future. For this, property brokers hold a prominent place."
Among common allegations levelled against property brokers include being fraud, misrepresentation of property value, breach of contract, damaging property, breach of duty, misrepresentation of the condition of the property like flooding and leaks, hiding any litigation proceedings and many more. "A property broker must come out with clean to buyers as the latter invest their hard-earned money on the advice of the property brokers," informs Singh.
The intent of the broker is paramount. Adds, Singh, "The claimants and plaintiffs approach the court when an intentional act by property broker or here termed as defendant, lacks right intent and property broker succeeded in committing fraud against buyer. Normally, many property brokers are like mid-wives and they know complete details of property but for paltry benefits, either on their own or with the collision of the owner, may misguide the buyer and dupe the buyer for the hard-earned money. When the property broker closes the deal, it is like getting into a contract by informing the exact details of the property and if not found correct, it amounts to misrepresentation of facts which is illegal."
Article Source: http://content.magicbricks.com/industry-news/lucknow-real-estate-news/choose-an-ethical-broker-for-property/84341.html
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