Creating a mutually beneficial real estate deal usually goes through smoothly with both sides presenting their interests then negotiating toward a middle ground they can both agree to uphold. Unfortunately, not all deals go through without an issue. Real estate disputes have become common in deals.
Having a qualified and experienced attorney on your side will make all the difference during these discussions. If you plan on purchasing real estate, it is important to know about the types of disputes you may encounter. Let’s go through some of the most common reasons people have problems while purchasing real estate.
1. Undisclosed Property Issue
A critical stage in the real estate sale is disclosing and addressing broken, dysfunctional, or other aspects of the property that are not up to code. If everyone is aware of these issues, there is no problem. Too often the buyer will close on a house then discover issues. These issues may lower the asking price. Make sure to closely examine the closing documents and inspection report. If the seller knew about the issue without disclosing it, you have a case.
2. Repair Problems
During the discover and disclosure stage of buying a house, most buyers request repairs before finalizing a real estate deal. Some people do not make the repairs or do a poor job of making the repair. Make sure to document all communication about the repairs. The exact wording may become crucial if you need to bring a suit against the previous owner.
3. Contract Breach
A deal is only a discussion until both sides have signed a contract. At this stage, backing out requires legal grounds. If either side backs out without grounds, they open themselves up to a lawsuit. Check with a qualified real estate attorney to know for sure whether or not either side breached a contract.
4. Zoning Problems
Zoning issues tend to come up when buyers plan to build a structure or addition that would face zoning restrictions. What you want to use the property for may contradict what the neighborhood, city, or state deems as acceptable. Make sure to have your attorney look into this.
Choose an Experienced Real Estate Lawyer to Protect Your Investment
Real estate is an investment that can open up new possibilities or waste a lot of money if poorly handled. Make sure to get a professional legal team, such as Aldrich Legal Services, on your side with experience handling all stages of purchasing real estate. No matter the dispute that may arise, we are here to help you navigate the process until you get the best deal possible.
Schedule a consultation with our Plymouth office today by calling (734) 404-3000.