Does anybody here know of somebody that's had an E&O claim? If so, do you know the reason why?

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Rainmaker
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Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Haven Express @ Keller Williams Arizona Realty

I know of brokers who want their agents to pay off Buyers or Sellers to AVOID having to use their E&O policy. Avoid!

Nov 12, 2015 11:04 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Tony and Suzanne Marri...

Scottsdale, AZ

Rainmaker
1,465,977

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Val Evans No, I have never known anyone who filed an E&O claim. I agree with Richie Alan Naggar, it's not about what you may think it covers. Read the small print.

Nov 12, 2015 10:06 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Richie Alan Naggar

Riverside, CA

Rainmaker
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Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

no

Nov 12, 2015 08:55 PM

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Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
3,368,106

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

Yes, a typo when a purchase agreement was re-written by an agent to clear up all the initialled changes. Instead of 350,000 they wrote 50,000 sales price. The buyer insisted on only paying 50k. It went to court where the judge ruled it was an error, and damages awarded to the agent and brokerage from the accuser as it was an obvious typo and there was no meeting of the minds to sell for 50,000

Nov 12, 2015 08:14 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
4,416,523

Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

Most E&O claims are for infractions involving less than a $15,000 claim and they are usually settled between the parties without the insurance companies involvement.

Nov 12, 2015 07:55 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Ambassador
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John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

I do not personally know anyone know anyone.

Nov 12, 2015 07:01 PM

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2

John McCormack, CRS

Albuquerque, NM
Sandy Padula and Norm...

Carlsbad, CA

Rainmaker
2,759,637

TeamCHI - Complete Home Inspections, Inc.

Complete Home Inspections, Inc. - Brentwood, TN

Home Inspectons - Nashville, TN area - 615.661.029

Good Friday morning Val. just read Susan's account. OOPS!

Nov 12, 2015 05:20 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
912,465

Troy Erickson AZ Realtor (602) 295-6807

Good Company Real Estate - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Val - Thank goodness I have never had an E&O claim, nor anyone I know of. I hope it remains that way.

Nov 12, 2015 01:47 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
1,172,514

Sam Shueh

(408) 425-1601 - San Jose, CA

mba, cdpe, reopro, pe

The listing agent claimed the 25 ac rural county parcel was dividable. The county said otherwise after escrow. They settled for $50K damage. The agent was terminated from that brokerage. You try to settle it out of DRE & MLS board before you invoke E&O. In many cases it is under $1000 ......

Nov 12, 2015 12:40 PM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
1,525,355

Sybil Campbell

Fernandina Beach, FL

Referral Agent Amelia Island Florida

No fortunately I don't know anyone who had to file a claim with E & O.

Nov 12, 2015 11:59 AM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
2,442,558

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

No I do not know anyone. That is a good thing...

Nov 12, 2015 11:25 AM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
1,683,406

Larry Johnston

Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN

Broker,Friends & Neighbors Real Estate, Elkhart,IN

No and I hope I dont have one.

Nov 12, 2015 11:05 AM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
2,224,167

Debbie Laity

Cedaredge Land Company - Cedaredge, CO

Your Real Estate Resource for Delta County, CO

I do know someone that has had a claim. I'm not sure of all the details and he doesn't like to talk about it. He's really a great guy and a very knowledgable agent. He just made a mistake.

Nov 12, 2015 10:07 AM

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Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Ambassador
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Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

I don't know of anyone personally that had claim. It makes you wonder if it is really a necessity.

Nov 12, 2015 09:20 AM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
2,669,173

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

While I cannot answer your decent question, I will share that the small print in the policy calls the play. Read the small print. Its not what you think

Nov 12, 2015 09:06 AM

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2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Ambassador
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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Yes, they didn't do a proper AVID and it was a small claim, but a claim. (Agent Visual Disclosure)

Nov 12, 2015 08:53 AM

Upvote

2

Sandy Padula and Norm...

Carlsbad, CA
Roy Kelley

Gaithersburg, MD

Rainmaker
1,659,405

Sandy Padula and Norm Padula, JD, GRI

HomeSmart Realty West - Carlsbad, CA

Presence, Persistence & Perseverance

Even when I owned my brokerage, none of my agents ever had a claim, nor have I over the decades of working in this industry.

Nov 13, 2015 01:37 AM

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1

John McCormack, CRS

Albuquerque, NM

Rainmaker
5,573,163

Barbara Todaro

RE/MAX Executive Realty - Retired - Franklin, MA

Previously Affiliated with The Todaro Team

I've never been sued in 37 years of listing real estate....

Nov 12, 2015 09:52 PM

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1

Sandy Padula and Norm...

Carlsbad, CA

Rainmaker
4,223,498

Richard Weeks

Dallas, TX

REALTOR®, Broker

I was a sales manager for a local brokerage. In 2015 we had to file 3 e&o claims. 2 brought on by buyers and 1 where we represente the seller. To summarize all 3 they delt with the agents competency. All were settled out of court.

Nov 12, 2015 09:39 PM

Upvote

1

Sandy Padula and Norm...

Carlsbad, CA

Rainmaker
6,858,203

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

I am not familar with any E&O claims.

Nov 12, 2015 09:20 PM

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1

Sandy Padula and Norm...

Carlsbad, CA

Rainmaker
2,065,814

Evelina Tsigelnitskaya

SIB Realty - Sunny Isles Beach, FL

No, never

Nov 09, 2019 06:06 PM

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Bob Crane

Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI

Forestland Experts! 715-204-9671

Fortunately not.

Feb 05, 2019 09:11 PM

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I know of brokers who want their agents to pay off Buyers or Sellers to AVOID having to use their E&O policy. Avoid!
Val Evans No, I have never known anyone who filed an E&O claim. I agree with Richie Alan Naggar, it's not about what you may think it covers. Read the small print.
Yes, a typo when a purchase agreement was re-written by an agent to clear up all the initialled changes. Instead of 350,000 they wrote 50,000 sales price. The buyer insisted on only paying 50k. It went to court where the judge ruled it was an error, and damages awarded to the agent and brokerage from the accuser as it was an obvious typo and there was no meeting of the minds to sell for 50,000
Most E&O claims are for infractions involving less than a $15,000 claim and they are usually settled between the parties without the insurance companies involvement.
Val - Thank goodness I have never had an E&O claim, nor anyone I know of. I hope it remains that way.
The listing agent claimed the 25 ac rural county parcel was dividable. The county said otherwise after escrow. They settled for $50K damage. The agent was terminated from that brokerage. You try to settle it out of DRE & MLS board before you invoke E&O. In many cases it is under $1000 ......
No fortunately I don't know anyone who had to file a claim with E & O.
I do know someone that has had a claim. I'm not sure of all the details and he doesn't like to talk about it. He's really a great guy and a very knowledgable agent. He just made a mistake.
I don't know of anyone personally that had claim. It makes you wonder if it is really a necessity.
While I cannot answer your decent question, I will share that the small print in the policy calls the play. Read the small print. Its not what you think
Yes, they didn't do a proper AVID and it was a small claim, but a claim. (Agent Visual Disclosure)
Even when I owned my brokerage, none of my agents ever had a claim, nor have I over the decades of working in this industry.
I was a sales manager for a local brokerage. In 2015 we had to file 3 e&o claims. 2 brought on by buyers and 1 where we represente the seller. To summarize all 3 they delt with the agents competency. All were settled out of court.