Common Causes: Real Estate Litigation
Real Estate Litigation Lawyer
Unfortunately, real estate disputes occur quite frequently in the real estate market. They can definitely make it more challenging to close deals with your properties. Here are some of the most common causes of real estate litigation.
Breach of Contract
When you agree to sell a residential or commercial property, you are required to sign a contract. The document includes terms and conditions that you have to follow, including the closing date, financing and title clearance. If you breach the terms of the contract, the buyer could file a lawsuit against you. Have a real estate lawyer review your contract and explain the terms so that you clearly understand them.
Failure to Disclose Property Defects
When you sell property, you have a legal responsibility to tell the buyer about any defects that may lower the value of the property. These defects might include mold, leaks and electrical problems. If you fail to do this, the buyer may face thousands of dollars in repair costs that they weren’t expecting. They may file a lawsuit against you to recoup these costs.
Negligence or Breach of Duty
Real estate agents are expected to keep their clients’ best interests in mind during real estate transactions. They are also legally obligated to keep financial and other sensitive information about their clients private. If a real estate breaches this duty, they may face a lawsuit.
It is critical for sellers and buyers to correctly establish property lines in a real estate transaction. Otherwise, boundary disputes can arise. The best way to avoid this issue is to carefully research legal boundaries of a property beforehand.
Specific Performance Failure
Real estate litigation can also result if a party fails to perform a necessary action in the contract. If one party does not perform an obligation they promised, it is unfair to the other party. If you are unable to fulfill all your contract requirements, you should speak to your real estate lawyer as soon as possible. They may be able to recommend a course of action to avoid litigation.
If you need to bring a lawsuit against a buyer or seller or you need to defend a lawsuit, you should get in contact with a real estate litigation lawyer, like one from Eric Siegel Law, as soon as possible. They can advise you of the next steps you should take.