Malpractice suits are prevalent for various workers in numerous industries, but recent findings indicate they are the most common for real estate professionals over the last reporting period.
According to the American Bar Association survey, “Profile of Legal Malpractice Claims: 2008-2011,” insurers reported a higher percentage of real estate professional liability claims than any other area. In the last five surveys, personal-injury plaintiff matters topped the list.
The type of activity that generated the most malpractice claims in this survey was “preparation, filing, and transmittal of documents, while “advice” jumped up to the second spot. “Failure to file a document – no deadline,” dropped out of the number two spot and fell to the bottom third percentage of all individual errors.