What Are the Most Common Causes of Real Estate Disputes?
Although everyone would like the home buying and selling process to be simple and free of complications, it does not always work out that way. Sometimes disputes occur and prolong the process for everyone. Here are some of the most common causes of real estate disputes that you should be aware of.
Breach of Contract
A real estate agreement is essentially a contract between a buyer and a seller. The contract includes terms both parties must follow, such as closing conditions, home inspections, and purchase price. If either party does not abide by the terms of the contract, a dispute may arise.
Before you sign a real estate contract, it is critical to read it all the way to ensure it reflects your best interests. You may also want to have a real estate litigation lawyer review the contract. He or she can make sure that the contract is fair and keep an eye out for red flags.
Breach of Duty
Real estate agents are expected to always act in their clients’ best interests. If they breach that duty, the client may bring a lawsuit. For example, if a real estate agent knows that a home has a defect and doesn’t tell the buyer about it, he or she has breached a duty.
Sellers are responsible for disclosing any defects about their properties, such as electrical or plumbing system problems. These disclosures are meant to protect buyers from purchasing homes that have unknown defects. Many times, buyers will not purchase a property that has major defects or ask for a lower selling price.
Unfortunately, however, not all sellers reveal the defects of their properties in hopes of getting a higher price for their homes. If a buyer discovers the defect after purchasing the home, he or she has the right to bring a lawsuit.
In a real estate transaction, property lines must be established. Otherwise, litigation can result. The most effective way to avoid a lawsuit regarding boundary disputes is to educate yourself about the legal boundaries of a home.
As you can see, there are several types of real estate disputes that can arise. If you are currently facing litigation, it is in your best interest to hire a real estate litigation lawyer, like one from Eric Siegel Law.