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
The time period a real estate investment is held. The return is tied to the time period of the investment. The period is used for income tax purpose to determine whether a profit earned or ...
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
Premiums in insurance and real estate define as a bonus or surplus money. A dividend means a periodic fee you have to pay for your insurance protection. While in real estate, a premium ...
Exposed heating unit located within a room that transfers heat generated by hot water or stream through conduction. The surrounding air circulates around the radiator using convection ...
The floor of a building closets to the building grade. Normally, the ground floor of a building is the first floor. A ground floor can sometimes be located between the first floor and the ...
An inlaid stone or wood flooring arranged in tightly fitting geometrical patterns. It is decorative and often more than one color. ...
Issued to correct errors in another deed such as spelling errors in a name or an improper legal description. For example, a correction deed was issued to the property owner Smith to amend ...
Real estate held for productive use or investment. Land is recorded at the acquisition price plus incidental costs including real estate commissions attorney's fees, escrow fees, title, ...
Form of financing that replaces or "takes-out" a construction loan to a developer. The take-out loan is a permanent mortgage loan which replaces the construction loan when, commonly, the ...
Have a question or comment?
We're here to help.