If you are currently involved in a real estate transaction, you will want to do whatever you can to prevent disputes from taking place. Disputes are never ideal for any party, because they waste time, can be costly, and are stressful.
It is important that you are aware of the most common causes of real estate disputes, even if you are not currently involved in one. This will give you the information you need to help you to prevent disputes from arising in the future.
Failure to disclose defects in the property
All sellers should make the buyer aware of non-obvious property defects. Disputes can arise if the buyer finds a defect in the property that the seller was not aware of and therefore did not disclose. To prevent a dispute such as this, the seller might decide to hire a property inspector before the transaction takes place so that they have peace of mind.
An accusation of breach of duty
Occasionally disputes can arise between the real estate agent and the client because of a suspected breach of duty that arose. The client may accuse of the real estate agent of not acting in their best interests.
Breaching a contract
Contracts can sometimes be unclear or not comprehensive. Poorly written contracts can increase the likelihood of a dispute arising. The best way to prevent contract disputes is to ensure that contracts have clarity and that they account for every possible scenario.
If you have found yourself in a real estate dispute in New York, it is important that you take swift action to address the situation and to assert your rights.