FSBO’s Part #2.

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Another factor that many private home sellers don’t take into affect is the liability of selling a home. So in other words, what happens if there’s a screw up? I.E.; Buyer doesn’t close the deal at the eleventh hour, credit challenge rares it ugly head causing the bank to pull the mortgage commitment to the Buyer, Buyer attempts to sue you for a defect undisclosed to them, you don’t properly align closing dates etc. etc. etc.

Okay, I know what you’re thinking. Any of these things could happen to a Realtor controlled sale as it could to a private deal so what’s the difference?

The difference is Realtors carry Errors and Omissions insurance. This means that if the Realtor was the cause of the screw up either through actual omission of the information or they made a mistake, you’re damages are reimbursable through the errors and omissions insurance that Realtors most be covered for by law.

In comparison to the US, we’re pretty lucky here in Canada with regards to law suits but as times goes on, we’re starting to run a close 2nd. 

Realtors are not infallible but they put their money where their mouth is.

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