Real estate transactions involve legal contracts that lay out what buyers and sellers can and can’t do. They’re also regulated through state and federal laws, so there is a lot that needs to be done correctly when someone buys or sells a home. When something does go wrong, it could lead to a lawsuit so the innocent party can be compensated for any expenses caused by the issue. Some of the most common disputes that can occur during real estate transactions include the following.
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Breach of Contract
The most common reason for real estate litigation to be necessary is a breach of contract. Both the buyer and seller have to follow the terms of the real estate contract, and if one doesn’t, it could mean the other party has a right to compensation. This can happen if the closing date isn’t kept, the assets that are supposed to be included aren’t there when the closing occurs, or there are other issues. A lawyer specializing in real estate litigation can help their client get compensation for the breach of contract.
Failure to Disclose
Depending on state and federal laws, there are certain things that sellers must disclose when they sell the home. This can include property defects or hidden damages to the property that can impact its value or habitability. In some locations, it can even include things like whether someone has ever died in the home. If the buyer can prove that the seller knew about the issue and intentionally hid it to sell the property for more money, it may be possible for the buyer to sue for the failure to disclose.
Faulty or Missing Repairs
After a home inspection, it’s common to find things that need to be repaired. The buyer can negotiate for a reduced price or have the seller fix the issues before the sale is completed. If the seller is contracted to repair something and the repair isn’t done correctly or it isn’t done at all, it could cost the buyer a lot of money to fix the issue. The buyer may then be able to get compensation from the seller for the additional expense of having to do the repair that the seller was required to do through the contract.
Undisclosed Easements
Sellers are required to let buyers know if there are any easements on the property. There are many types of easements that can apply to a property, such as an easement for utilities. There also may be official easements that allow someone to use the property, such as neighbors cutting through the property to get to the road, or restricting the use of the property to avoid destroying the neighbor’s view. If easements are not disclosed and impact the buyer, it may be possible for the buyer to receive compensation from the seller.
If anything doesn’t seem right during or after a real estate transaction, it’s a good idea to speak with a lawyer about the situation. They can provide information on whether there is the potential for a lawsuit and, if so, how it can help their client. The client may be able to get money to cover any expenses that occurred because of the issue or force a specific performance through the courts. Schedule a consultation now to learn more about your case.
If you’re facing a real estate dispute, legal help can make a difference. Stay informed with expert insights at NextMagazine.
