If you're dealing with the real estate industry in any way, there is a high chance that you may get involved in real estate disputes. Real estate disputes are stressful, time-consuming, and expensive, especially if you opt to settle the matter in court. This article highlights three common types of real estate issues that you may encounter.
1. Breach of Contract
Whenever you decide to buy or sell a real estate property, you'll have to sign a legal contract. The contract normally contains vital information, including:
- Purchase price
- Financing
- Property Description
- Contingencies
- Closing date
A real estate contract may also contain terms and conditions that each party should adhere to according to different situations. If any party violates the agreement terms willingly or unwillingly, they may face legal consequences.
To avoid such issues, always ensure your attorney is present before signing a contract. Your lawyer will go through the contract to ensure everything is correct. If any of the terms don't favor your interests, your attorney will negotiate on your behalf to ensure you get a fair deal.
One thing that you should keep in mind is that you can always ask the other party to adjust the terms to fit your needs long after signing the contract. When modifying the terms, both parties should be present and should do so in writing in the presence of an attorney.
2. Breach of Duty
The main duty of a real estate agent is to represent their clients' interests. In real estate, this duty is commonly referred to as a
fiduciary duty.
There are several ways that a real estate agent can protect your interests. One of the common ways is by being honest when drafting and signing contracts. The agents should explain everything so you can know what you're getting into. Another way real estate agents can protect your interests is by keeping your information a secret, especially concerning finances.
Additionally, the agents ought to put your needs above those of any third party and should not represent another client in the same transaction without informing you or the other party.
A good example of breach of duty is when the real estate agent fails to inform you about any defects in the property, even when they knew about the problem before selling the property to you. If a real estate agent fails to fulfill their duty, you may lose a lot of money.
3. Boundary Disputes
All real estate properties should have a boundary around them. The boundaries help to define ownership so no one can trespass on your property. Additionally, boundaries can help you control your property according to your needs without anyone disturbing you.
However, sometimes you may discover that the property you bought doesn't have a clear boundary. The problem could be that the real estate owners did not register the boundaries or that the existing boundary exceeds the legally established boundary.
When property boundaries are not clear, neighbors may interfere with each other's territory, leading to disputes. In some instances, these disputes may require legal intervention.
Settling boundary issues in court is a time-consuming and expensive process. Nevertheless, you can easily avoid this conflict. All you have to do is research the property's legal boundaries before signing a binding contract. You can also involve your real estate attorney to avoid making mistakes.
Real estate conflicts are relatively common. However, you can easily avoid these disputes by involving an attorney during real estate transactions. Nevertheless, you may still find yourself in trouble no matter how careful you are, forcing you to seek legal help. If you're looking for an attorney to represent you,
contact Donald B Linsky & Associate PA.
