Real Estate Risk Management Insurance must be a part of every transaction. This is a broker requirement. If you are unable to convince your client of the importance of paying for the Buyer and Seller Protection Plan, then the cost must be covered by you, the Agent (or Broker, as agreed to by the Broker). Note: If you end up having to purchase this service for your client, the cost is 100% deductible as a business expense.
The easiest way to ensure payment for protection is to submit the Escrow Payment Request Form (see below) to escrow prior to Close of Escrow. Specify on this form the amount to be submitted and who is to be charged for it (client or agent).
- Click here for Risk Management Escrow Payment Request Form
> Buyer/Seller (includes Agent & Broker) Plan Fee: $149 per side
May be paid for by the Buyer and/or Seller, providing 3 years of legal services for the specific property/transaction. Also, covers the Agent and Broker for as long as they are contracted with Real Estate Risk Management -- for the specific property/transaction. Again, if the Buyer and/or Seller decline to pay, the Agent (or Broker, as agreed to by the Broker) must cover the cost which will come out of his/her commission. May also be used for Vacant Land and Mobile Homes, if Buyer and/or Seller so desire - but not a broker requirement.
> Agent/Broker Only Plan Fee: $65 flat rate
Must be paid for by the Agent (or Broker, as agreed to by the Broker) for Bank-owned property, Government property, Vacant Land and Mobile Homes. Covers the Agent and Broker only. NO coverage provided for the Buyer and/or Seller.
Buyer/Seller Protection Plan
You, the Agent, should be familiar with the key benefits of this plan, review them with your client during your listing or buyer presentation, and instruct your client to review the Real Estate Risk Management website for more information.
Agent/Broker Protection Plan
In the event that you, the Agent, require legal services from Real Estate Risk Management, please contact the Legal Services Center at 800-937-6526 from 8:00 am to 5:00 pm, Monday through Friday.
Legal Incident Report
In order to provide the highest measure of protection from disputes, demands, threats and lawsuits, Real Estate Risk Management must be alerted immediately. You must complete a legal incident report (as appropriate - see below) upon incident, and return to the RERM Legal Service Center. You must also notify your broker immediately upon incident.
- Click here for Personal Legal Incident Report form
- Click here for Homeowner Dispute Questionnaire (regarding dispute after close of escrow)
Errors & Omissions Real Estate Agent Coverage