Are Brokers Liable for Inaccurate Listing Information?

Chris at Hauseit (https://www.hauseit.com) goes over whether real estate agents are liable for inaccurate listing information for rentals and sales.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.
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No, real estate brokers are typically not liable for inaccurate listing data or information especially when it comes to property sales where disputes and litigation is most likely to happen given the amount of money involved. Rentals are typically not disputed given the relatively small amount of cash involved, and the fact that renters see what they're renting, and after all, it's only a temporary leasing arrangement.

For sales however, buyers often have "buyer's remorse," and try to cast blame for their buying decision on the real estate brokers involved. However, it's important to understand that the purchase contract specifically states that the buyer has done their own due diligence, and not relied on anything from the seller or the seller's agents or other representatives. In fact, the contract states that the buyer has perused the relevant building documents, or waived inspection of such, and are making the purchase completely on their own judgment and diligence. As a result, things like square footage and room count are specifically even mentioned in the contract as things that the buyer is not relying upon from the seller or their representatives.

In New York, this concept is called "caveat emptor," or "buyer beware" in Latin. It basically makes the seller makes no representations, and the onus of due diligence is 100% on the buyer.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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