Most Common Causes Of Real Estate Litigation
Around 36 to 53% of small businesses have been involved in some form of litigation according to Forbes magazine. At any given time around 90% of all businesses are participating in some form of legal dispute. The exception carries through in the real estate market as well and real estate agents and brokers are also commonly involved in some form of litigation as part of their business. Real estate litigation is a tool that can be used against brokers and real estate agents as well as buyers and sellers, landlords, and tenants to make sure that legal rights can be properly pursued in real estate contracts. If perceived wrongdoing occurs or if a property is deemed to be unfit, real estate litigation can be an extremely useful legal tool. Here are some of the most common causes of the real estate litigation that are covered under a real estate negation process.
Breaches Of Contract
Breaches of contract or one of the most common reasons that many people will go to court for real estate litigation. In any form of real estate transaction, the terms of a contract may often include specific details related to the closing date, title clearance, and assets associated with a transaction. Lawsuits that suggested there was a breach of contract or that a party was wronged by not fulfilling their contractual obligations of the other party, a breach of contract can be potentially proven and defended. If a breach of contract is successful, a plaintiff may be eligible for various forms of compensation. In order to avoid breaking the various provisions of the contract, it’s usually quite advisable for experienced real estate attorneys to review agreements and provide explanations on various clauses as they are required.
A Failure To Properly Disclose Defects
With any type of real estate sale, the seller is obligated under the law to share details about the property and any defects that could affect the future buyer. If the buyer of a home discovers a major defect after the home has been purchased that would not be disclosed, there is a chance that legal action could take place claiming that the owner failed to disclose the information. In order for this type of lawsuit to be successful, the plaintiff needs to prove that the defect was known by the defendant and that it took place before the new owner took possession of the home. If items were purposefully concealed, the new owners will have the chance to seek compensation for the inconvenience that they have faced based on the issues with the disrepair.
Breach of duty or negligence is another common reason why real estate agents can get involved in these types of suits. Agents and realtors are often obliged to act in the best interest of their clients and not in the interest of a third party or salesman. This means that financial details, details regarding the sale of the home, and a wide range of information need to be kept confidential. They may have a duty to disclose information that might be beneficial to the client but an agent also needs to keep the privacy of a client. If an agent is not performing their duties to their best of their ability, showing negligence can often be a disadvantage outcome that will result in a real estate agent facing a lawsuit.
Other instances where a legal professional may be required in real estate law come down to a breach of agreements in the sale, non-payment of rent or removal of various fixtures, and more. Working with a legal professional to handle any type of real estate consideration is usually the best course of action. Real estate is a significant investment and if you are unable to find an agreement between current parties living in the home, people that have purchased a home or you are living in unsafe conditions you need access to the proper assistance to make sure that your rights can be upheld.
Litigation can consume a vast amount of energy, resources, and time and work with a lawyer that has proper experience will ensure that you can enjoy a better outcome from your case. It can be a slow and frustrating process to manage real estate quarrels on your own. With the assistance of a proper form of representation, you can make sure the process can run more smoothly and that you will be able to enjoy a safer and more secure process for any real estate dealing.
Litigation can be an unpredictable process especially if you’re taking it on with a less experienced party for the process of your legal proceeding. Working with a professional in the field will ensure that the process of your litigation can run much more smoothly. If you’re interested in learning more about the process of litigation and how you can start with your case, contact us today.