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Using Experts

A common issue for you relates to the use of experts. This is of particular importance as it often impacts your risk of a lawsuit, as well as the prognosis for a successful defense if there is  a lawsuit. The following are a handful of key considerations with respect to your use of experts.

1.  Perhaps the most important thing is to make sure any expert you may recommend has errors and omissions insurance. First, it gives a pretty good indication regarding that experts professionalism. Second, if there is an error with the services rendered by that expert, then they will have the resources to cure the problem. Otherwise, there is a greater risk a disgruntled client will pursue you since you have the proverbial "deep pocket."

2.  Many say you should recommend at least three experts in every situation. While that is an ideal, it is not an absolute. If you only know one or two experts in a particular area, it is better to simply recommend those that you know, than take the risk of offering the name of somebody regarding whom you have no knowledge or background.

3.  Whenever possible always encourage the retention of experts. We see many claims in which a disgruntled buyer (or seller) will argue their agent told them they did not need an expert. You will face a great risk should your client make such an assertion.

4.  Make sure all your recommendations are documented in writing. Remember the adage, if it is not in writing it did not happen.

The key point is that when used properly, experts can significantly improve the services you provide to your clients and diminish your risks for a claim.

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