The real estate market is booming. Investors around the world are interested in real estate. As the prices of properties go up, investors are taking advantage of the market. The real estate market is diverse and is evolving rapidly. If you are a buyer who is considering buying his or her first property, then it is important to consider the fact that there is always a possibility for a real estate dispute to occur. It is crucial to be aware of some of the most common reasons for real estate disputes. It will allow you to be better prepared when buying a property. You will also know what to expect. However, it is advised to have a real estate attorney on your side to guide you through the entire real estate process. The real estate process tends to be complicated as there are various steps that add up until the real estate transaction is completed.
Before you move on with your house hunt, make sure that your financing terms and conditions are clear and permit you to buy the property that you are interested in. Whether you are financing the real estate purchase on your own or are relying on a mortgage to help with the payment, you need to make sure that all of the financing terms are clearly understood by you.
It is common for real estate disputes to occur, for example in a succession. To avoid thoses disputes, people usually request the help of an Estate Planning Law Firm in Raleigh to lower the risk of dispute. If you ever come across a dispute, do not make the mistake of handling the issue on your own and instead hire an attorney to help you out. The attorney will help ensure that your best interests are protected.
- Repair Issues
One of the most common reasons for real estate disputes to occur is repair issues. It is common for the buyer and seller to have a misunderstanding with regards to the repairs. Moreover, it is possible for there to be miscommunication due to which the seller promised something and did something else. Sometimes, the seller might promise something but might not perform according to when it comes to the repairs. In such a case, a real estate dispute would occur. Ideally, it is best to have all the demands written down so that they can be used as evidence. Before you sign off on the agreement for purchase, make sure to check whether all of the repairs have been completed. It will prevent a dispute from occurring in the first place.
Repair issues of significant nature should always be raised and the seller has to fulfill his obligation to sell the house in good condition. There are several laws in place that help ensure that the seller satisfies his or her end of the bargain. It is also possible to have the repair issues written into the contract for future reference. Some of the repairs can take time to discover. The seller will have to prove that he or she was not aware of such repairs being required.
- Zoning Issues
For instance, if you had bought a property just so that you could add another floor to it, and found out later that the zoning laws prevent you from building an extra floor. In such a case, it can be very difficult for you to navigate the legal issue. Zoning issues are more common than you think. Sometimes, buyers might purchase a property with a view to demolish it and to transform it into an apartment or commercial complex. It is possible for zoning issues to arise. Therefore, when buying a property, discuss all your plans with regard to zoning with the seller. Have everything written down and documented. Moreover, it might be a good idea to hire an expert to find out about the zoning laws in a particular area. It will help ensure that you buy the right property.
There is also a possibility to purchase a property and to only change its layout after a year or more. In such a case, you might get in trouble with the relevant government body for changing the layout of the home. Each area has specific guidelines regarding what can be built and what is prohibited. One can also speak with the local body that provides zoning permits to get a better idea. Let the seller know about your plans to make changes. You might not want to tell the seller because it might drive the price up, but it would work against your interests in the long-run. Be honest with the seller about your intentions. Nothing should be kept in the hidden. Make sure to have everything in writing.
A real estate attorney is familiar with zoning laws and he or she should be able to let you know which property has favorable zoning laws. It will save you a lot of time and money. It is also possible for the neighbors to have an issue with your plans to transform the property. This is why it might be a good idea to speak with them as well.
- Breach of Contract
A breach of contract is common in all types of business transactions. As the name suggests, a breach of contract occurs when a party to the contract goes against the terms of the contract. The contract specifically states the responsibilities of the contract and how the contract would be executed. If a party does not perform their part of the deal, then it is a breach of contract. You can either allow the party to cause such a breach or you can take strict action against the party. For instance, when the seller agrees to sell you the property for a specific price, then the seller has no right to sell the house to someone else for a higher price. Hence, it is important to have an agreement written down and documented. If the seller acts in such a way, then you have the right to file a lawsuit against the party on the basis of breach of contract.
You need to make sure that you take note of every action that the buyer or seller takes so that you can act accordingly. A real estate attorney will help ensure that your rights are protected and will fight the other party in court for the breach of contract.
- Failure to Disclose a Defect or Problem
According to the law, the seller has an obligation to disclose a defect or problem with the property. If the buyer finds a defect or problem with the property that would decrease its value, then the buyer can take action against the failure to disclose a defect or problem on part of the seller. Once the agreement has been finalized and the deal has been closed, the seller will be held responsible if a defect is found.
However, if the defect is apparent and anyone with a sound mind can easily detect it, then the seller can argue that the buyer was aware of such defect. This is why the buyer should be vigilant when purchasing a property. A real estate attorney will come in handy when inspecting the home. Moreover, an expert inspection team can be hired to inspect the home. Furthermore, if you are purchasing a property through a mortgage, then you might be required to hire an inspection team. The inspection team will provide you with the inspection report. This report will need to be submitted to the lender before the financing for the property is finalized. There is no need to take the risk and this is why an inspection team should be hired at all costs. The seller can also argue that he or she was not aware of the defect. In such a case, the burden will fall on the seller to prove that he or she was not aware of such a defect.
- Breach of Duty
Each party to the contract i.e. the buyer and seller, as well as the real estate agent and the attorneys, have certain duties that they need to fulfill. The real estate agent has to ensure that he or she acts in the interests of his or her client. This means that they have to show properties and recommend the ones which are the most ideal for their clients. If a realtor encourages the buyer to buy a property that is the most expensive in the area, then the buyer can take action against the realtor for not showing homes that cost much less in the same area. On the other hand, the real estate attorney has a responsibility to act in the best interests of his client. Hence, the attorney will need to act in such a way that helps ensure that the clients interested are best protected. If the attorney shares sensitive information or makes statements that are against the interests of the client, the client has a right to take action against his or her legal counsel. Moreover, realtors must keep sensitive information about their clients strictly confidential such as any financial details.
The realtor and the real estate agent cannot act against the interests of their clients or only in their own favor as it would prove that there was a conflict of interest in which case, the aggrieved party has the right to take action.
- Implied Warranties
When it comes to real estate disputes, one of their most common causes is a breach of implied warranties. There are certain implied warranties that have to be considered in a real estate transaction. According to the law, some of the implied warranties are specified. These are explained as follows.
- Implied warranty of skillful construction: When a property is being constructed or bought, it has to have skillful construction. It means that the property should be properly constructed and the materials used for it should not be of poor quality as it would lead to issues related to construction in the future.
- Implied warranty of habitability: The property being sold has to be fit for living. The property should not be hazardous to health.
Importance of Real Estate Attorney
Real estate disputes are common. There is always the possibility of some type of dispute from occurring. This is why it is vital to hire a real estate attorney to help handle the dispute with care. As real estate disputes tend to be complex in nature, it is crucial to hire a real estate agent who has the expertise and experience to handle all types of real estate disputes. Mark Sinensky is one of the best real estate attorneys out there. He has handled a wide range of cases successfully and has the skills needed to handle real estate disputes of all types.
Why Choose Mark Sinensky?
It could involve litigation of the real estate dispute, but might also involve arbitration or mediation under appropriate circumstances. When you hire the best real estate dispute, you get to benefit from his or her expertise. It helps ensure that your best interests are protected at all times. Mark Sinensky is a class apart and knows how to handle difficult situations. Hiring the right attorney will help save you time and money. When you hire Mark, you can rest assured that all of the issues will be handled with great care.
Being skilled negotiators and skilled litigators, and having helped numerous clients to find solutions through alternative dispute strategies and prevail in court, the team has successfully protected the legal and financial interests of clients.
Rather than trying to navigate the legal process, make sure to hire an experienced real estate attorney such as Mark Sinensky. He knows the real estate process inside and out.