Buying and selling a home can be a long and drawn-out process. But, by the end of the process, you should be reaping the rewards.
However, when buying or selling a home, there’s always the possibility of legal issues. Here’s what you should watch for:
Nearly every real estate negotiation you partake in will involve a contract. A contract is a legally binding document that ensures each party involved understands their obligations and is expected to fulfill their responsibilities. When buying and selling a property, a contract should include any important information that should be known, such as purchase price, closing date and property description. If any party fails on their end of a contractual agreement, then there may be a breach of contract.
Breach of duty
Real estate agents and professionals have a duty to care for their clients. This may mean ensuring that they act in the best interests of their clients. And, it could also mean that the client information is kept confidential. If any of these things fail to happen, then the real estate agent or professional may be breaching their duty, which can harm a deal.
Failure to disclose property defects
Many properties, especially older homes, have issues. Home sellers may be aware of these issues. To ensure that a buyer isn’t deceived, they have a right to know of any property defects. Some sellers will willfully hide defects to make a sale.
Property line disputes
It’s often hard for owners to know exactly where their property lines fall since many homes have been built for decades. Some people may even build fences or grow trees that cross onto another’s property lines. If a property line isn’t defined before a purchase, it could later create legal issues.
If you’re facing a real estate dispute, you need to be aware of your legal options to help ensure you achieve a favorable outcome.