Placing your property on the market, or purchasing a new home, are massive decisions that come with numerous legal considerations. Going into a property deal without prior awareness of potential deliberations can lead to disagreements between buyers and sellers.
Thus, it is vital to be familiar with some of the most common disputes and how they can be managed.
Disagreements over deposits
Sadly, not every real estate transaction goes through smoothly. On occasion, deals can be delayed and even fall through completely. If a deposit has been involved in a failed transaction, arguments can arise as to who gets to keep the money. Acquainting yourself with the law on property deposits can help prevent these disputes and provide you with the necessary tools to resolve them if they do occur.
Disputes over boundaries
It is crucial that both buyers and sellers have a solid comprehension of property boundaries. Confusion over boundaries can result in apprehension for the buyer and further worry for the seller. Additionally, clashes between buyers and sellers can appear if an easement gets requested or if there is a demand for additional provisions that are not typical for a standard purchase agreement.
Failure to disclose defects
If the seller is aware of any defects with the property, then they have a legal duty to disclose this information to the seller. Requirements vary from state to state, so it is important to familiarize yourself with the relevant provisions. Generally, if a buyer has purposefully withheld information on defects, then they can be held liable by the seller.
Moving home and carrying out larger transactions can be stressful even at the best of times. To best protect your interests as a buyer or seller of real estate, it is a good idea to get to know both your legal rights and obligations.