May 23, 2018

Real Estate Claims Lead Malpractice Actions

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Real Estate Claims Lead Malpractice Actions

The American Bar Association names real estate malpractice claims as the leading cause of malpractice actions in its "Profile of Legal Malpractice Claims: 2008-2011" report.

The report covers 57,000 claims filed with 28 U.S. and Canadian malpractice insurance carriers.  More than 20 percent of the claims involved real estate malpractice, which some legal experts attribute to failed property transactions and a high number of foreclosures. 

“In my experience in working in this area, it is not just claims against attorneys that are on the increase,” said attorney W. Bradford Longbrake, of the Reminger law firm in Akron, Ohio. “We have also seen an increase in malpractice claims against real estate brokers, agents and title companies. This trend is true through the entire real estate environment.”

However, Longbrake said real estate-related malpractice claims have fallen over the last year as the foreclosure market has stabilized and mediation and other alternative resolutions have become more common.

Source: "Real Estate Legal Malpractice Claims on the Rise" Akron Legal News (09/24/2012) 

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