The meaning of the term tort outlines a wrongful act resulting in injury or damages. For example, trespassing on someone’s private property can end up destroying a part of it. Subsequently, the perpetrator is legally liable to the aggrieved party. Another everyday example is when the landlord negligently fails to repair defective electrical wiring, resulting in a fire.
Note that torts are not crimes. Punishment comes in the form of financial compensation allocated to the wronged party, not prison time for the liable individual! Tort victims can sue for monetary compensation to balance their financial losses and eventual suffering resulting from said harm.
Tort law provides civil liability
Tort law is beneficial and applicable legislation. It was passed to penalize wrongful acts against one’s safety or private property. The four main torts are intentional interference or tort, negligence, absolute liability, and strict liability. Intentional torts are usually fraud, defamation, and false imprisonment. So is a wrongful death claim.
Even if they didn’t mean to harm anyone, the owner of a hazardous animal, for instance, a spider, has absolute liability if the animal bites someone. A faulty gadget abusing its users may lead to strict liability charges against the item’s manufacture
Tort in property management
The very definition of tort is civil abuse or harm. Often, it goes by the name “negligence” in ordinary discourse. Oversight is the most typical form of tort liability and does not involve intentional actions. When somebody fails to carry out their duty of care, they do wrong. We mean legal responsibility and accountability by the duty of care, ensuring protection from harm to people in a particular real estate.
For example, a landlord fails to take preventive measures against a battered roof, resulting in people falling from it. This negligence gives the wronged party a civil right to seek justice and file for reimbursement of some sort. Before signing a rental contract, we advise new occupants to look into tenants, owners, and landlords’ liability policies and tenant-landlord rights.
Tort in real estate
An injured house buyer or tenant can commence civil litigation against local real estate agents and brokers selling damaged property based on tort liability. A reliable real estate agent has the moral obligation to provide full transparency and inform their clients about the land or property forming the object of the real estate transaction.
A faulty and not adequately repaired ceiling might deter a client from purchasing a house. However, a realtor must reveal this for fear the plaster may fall on the buyer or the buyer’s valuables.
Agents must inform potential buyers about the current condition of the property they represent. Suppose a realtor failed to communicate their knowledge of defects that can harm people or property. Then, they can be held liable on the grounds of negligent tort and sued for compensatory damages.
Popular Real Estate Terms
Also called interim financing. A mortgage that provides the funds necessary for the building or construction of a real estate project. The project can be a residential subdivision, a ...
Real estate business owned by one person having all the rights and obligations. ...
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...
Situation in which very few prospective buyers of real estate are rejected by lenders. This may be due to ample money supply, lower interest rates, and/or relaxed credit standards. See also ...
Landowner's legal right to the water found on his property. For example, there might be a stream of water adjacent to the land. The water might be used for irrigation or other purposes. ...
Agreement to exchange real estate upon specific terms. ...
A mortgage requiring a substantial down payment. It is usually only available to those having good credit, and has fixed monthly payments for the life of the loan. It usually has a 30 year ...
Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...
Same as term annuity: Equal period payments or receipts. Examples of an annuity are annual rental receipts from a real estate investment and cash dividends from a real estate firm's ...
Have a question or comment?
We're here to help.