Real estate transactions are complex. Sometimes, disputes may arise during or after the deal, leading to costly and time-consuming litigation. However, you may be able to avoid or resolve your dispute with the help of a real estate attorney.
1. Breach of Contract
A breach of contract is one of the most common types of contract disputes. One party doesn't meet an obligation, such as paying the agreed price, delivering the property in good condition, or disclosing material defects.
A breach of contract can result in damages, rescission, or specific performance, due to the nature and extent of the breach and the remedies available under the agreement and the law.
2. Fraud or Misrepresentation
Another common type of contract dispute is a fraud or misrepresentation claim. This occurs when one party makes a false or misleading statement or omission that induces another party to enter the contract.
For example, a seller may conceal a termite infestation or a zoning violation from a buyer, or a buyer may falsify their income or credit history to obtain financing. A fraud or misrepresentation claim can result in the following:
- Punitive damages
Each of these depends on the intent and harm caused by the fraudulent or negligent conduct.
3. Title Disputes
A third common type of contract dispute is a title dispute. This occurs when a defect or encumbrance on the property's title affects its ownership or use.
For example, there may be a lien, easement, mortgage, or adverse possession claim on the property that was not disclosed or cleared before the closing. A title dispute can result in one of several outcomes:
- Quiet title action
Any of these can happen based on the nature and severity of the title defect or encumbrance.
Have a Real Estate Attorney Resolve Your Dispute
A real estate attorney helps avoid or resolve these and other contract disputes by providing legal advice and representation.
The real estate attorney conducts due diligence and title searches to identify and address potential issues or risks with the property or the parties involved.
The real estate attorney communicates and coordinates with other parties, such as the following:
The goal of your attorney is to facilitate a smooth and timely closing.
The real estate attorney handles any contingencies or problems that may arise during the transaction, such as inspection, financing, appraisal, or closing delays.
Defend Your Rights
The real estate attorney enforces your rights under the contract in case of a breach or dispute by initiating or defending legal action in court or arbitration.
A real estate attorney will guide and protect you throughout the transaction. Hiring a real estate attorney can avoid costly mistakes and achieve your desired outcome in a real estate deal.
Reach out to a local real estate lawyer to learn more.