Every buyer, seller, and real estate agent knows a loosely worded listing for a property on the market can lead to expensive and stressful litigation for all parties involved. I am specifically talking about a listing in the Dallas, Texas area where a home was listed as a diamond in the rough which the buyer did NOT construe as a fixer upper.
This alone did not really constitute grounds for a lawsuit. However, what was not disclosed in the listing was a highway construction/widening project 4 months down the road along with the addition of a commercial center very near the residential zone in which the residence was located.
Jennifer Allan, a former realtor in the Denver area, wrote a book which mentioned and described this type of caveat. She wrote about how a homeseller was not kept in the loop by the sales agent, meaning the realtor modified and edited the listing without the homeowner’s stamp of approval. There was some significant errors and omissions which led to the seller being held liable and eventually paying an expensive settlement out of court to the new home buyers who suffered significant reduction in property value! I believe the old home owners turned around and filed a lawsuit against the careless agent. Not sure what the result of the nasty chain of litigations was.