Why Real Estate Title Agents Need Errors And Omissions Insurance

In fact, no matter if you have been in business for quite some time, or you are new to the real estate industry, the risks you face daily, from errors in closing costs and payoff amounts to failing to meet client expectations, make you a major target for lawsuits. Even if you are cleared of all claims, the fees spent on defense, the time spent away from your business, and the added stress of dealing with the situation can prove costly. Without the right coverages, real estate agents may put their professional and financial future on the line.

Also, it is the title industry's role to safeguard the client's escrow and other funds by providing a means for the secure transfer of their real estate in the industry. If an error or breach occurs during this transaction, the agent is held accountable for damages incurred resulting from the error or … Read More