Real estate purchase and ownership can be difficult if one or more parties decide to cause a property dispute. Without the right knowledge, a property dispute could quickly nosedive into legal battles – and this could lead to costly fees.
Generally speaking, it’s best to mitigate real estate disputes, but despite all your efforts, you may still be put in that situation. Knowing how a property dispute arises can help you avoid one.
Breaches of contract
You’ll likely enter into a contract when looking to purchase or sell a property. You and the other party may agree on how the property will be handled and certain obligations that must be held. While this can all seem foolproof on paper, not everyone is good about following agreements, which could result in a contract breach.
If someone breaches a contract, that essentially means they failed to uphold their obligations made to the other party. For example, a house seller could violate a promise to make certain repairs before closing, or a buyer might back out on a deal.
Failure to disclose defects
When purchasing or selling property, people may want to know if there are any problems with the real estate they intend to invest time and money in – often, people expect to find some issues with their property.
If someone were to go into a property and unexpectedly find issues that weren’t previously established, then they may look to other parties as neglecting their duties to disclose defects. Failing to reveal problems on a property could cause legal challenges.
There are many reasons someone would bring forth a real estate dispute. You may wish to know your legal options to avoid legal disputes over a property.