It is becoming more and more vital to take the necessary precautions to protect your company and its brand. Real estate is no exception. Real estate litigation lawyers are yielded by and against agents, brokers, sellers, and buyers to pursue the legal right and redress perceived wrongdoing. Here are some of the most common problems that generally lead to a legal dispute in the world of real estate.
1. Breach of Contract
One of the most prevalent issues that result in litigation in real estate is a breach of contract. When a real estate transaction is being finalized, a contract gives details of the specific closing date, title clearance, and even the assets that are included in the transaction. If the plaintiff can find success, they can be compensated for any loss that had been suffered as a result of the other party breaching the contract. It is advisable to have an experienced real estate lawyer that specializes in real estate to analyze the agreement carefully and ensure you are safe from breaking and possible provisions of contract.
2. Failure to Disclose of Property Defects
In most states, a seller is obligated according to the law to disclose known and non-evident defects of any kind that could affect the value of the home and property. If a buyer were to find one of these undisclosed defects after the deal had been closed, they might have the opportunity to initiate legal action against the seller. In order for such a lawsuit to be valid, the plaintiff has to prove that there is a defect, and that the seller knew about it.
The act of negligence of breach of duty is one of the most common situations where a real estate agent might get sued. Realtors are obligated by law to act in the best interest of the clients for whom they work. It is essential that these agents also keep any sensitive information about their clients, like financial details, confidential. Being negligent in these matters may result in outcomes or losses for a client and could warrant litigation.