In an ideal situation, you will have a great relationship with the person that you are buying your home from or selling your home to. It is a relationship that requires honesty, transparency and good communication.
However, because of the complex nature of real estate transactions, disputes can commonly occur. The following are some of the most common causes of real estate disputes that you would be wise to watch out for.
Disputes about deposits
Deposits are safety nets to cushion the effect on a failed transaction. Ideally, the purchase agreement will clearly outline who has the right to the deposit if the transaction does not go through. However, if the purchase agreement is misleading or unclear, a dispute could arise.
Contract problems can cause disputes
Contracts should be tailored to the exact situation and to the property being sold. However, sometimes real estate agents fail to correctly tailor contracts to the specific needs of the buyer and the seller. This could create further problems down the line, especially if it is not looked into thoroughly by all parties.
Failure to disclose defects
Some defects are required disclosures, but others do not need to be stated. This is why the buyer of the property should hire a professional to survey the property before purchase. If a defect exists but is not discovered until after purchase, this could lead to a dispute.
If you are in the process of buying or selling a property in New York, and you want things to go smoothly, you should take the time to understand all aspects of real estate law.