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Claims Spotlight
Broker Sued for failing to get the highest market value for commercial property
Did not disclose dual agency relationship
December 20, 2005
A commercial real estate agent represented a seller of an apartment building. The property listed for $1.5 million as was eventually sold for $1.25 million after negotiations with a buyer. Several months after the sale, the original seller learned that similar properties were selling for up to 20% higher than they received or closer to the original asking price. The seller sued the broker and was awarded $85,000 plus $25,000 in legal expenses.
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