It doesn't matter if you are buying or selling a piece of real estate, it's important to realize that everything doesn't always go as planned.
When buying or selling real estate, you hope that you never run into a serious dispute. The same holds true if you're in the position of a landlord or tenant.
Usually, neighbors get along. Boundaries are set up to make that happen. You stay in your home and yard and your neighbor does the same. What happens when a boundary is in dispute, though? That's when things get contentious.
It may be the case that you don't always get along with a landlord, or, if you're a landlord, you might not get along with your tenant. If you have a real-estate dispute as a landlord or tenant, buyer or seller, you're not alone. Many people struggle with disputes, but there is a way to work through them. One of those ways is through mediation.
Real-estate disputes can happen for any number of reasons, but for these families, the cost of construction defects has left them in a serious conundrum. In June 2009, buyers started to purchase homes through a city program that offered low-income residents a way to purchase a home. Now, the board of each complex the program used is suing the Briarwood Organization, stating that construction defects have created millions of dollars in repair bills and hurt the values of the homes.
Arbitration is one option you have if you're struggling with a real estate dispute. With arbitration, you can choose to have binding or non-binding settlements. Arbitration helps resolve disputes quickly and cost-effectively, while also keeping your dispute confidential. Any dispute that goes to court will have public exposure, which you may not want.
When it comes to living next to neighbors, you probably want to get along. The last thing that anyone wants is to live through a feud with someone who is angry at them. There are some things you should do and not do when you're communicating with your new neighbors.
Living in a co-op can be a great experience, but it can also come with its own downsides. Here's a scenario to consider. If you recently had your entire apartment refinished, spending lots of money, and then had your home flooded, you'd be looking to see who would be liable for the damage. Your apartment is a co-op, meaning there is a manager who takes care of the general building while you own your own home through a shareholder status.
Boundary disputes can quickly become a problem between neighbors, so it's important to resolve them as quickly as possible. While it's possible that you may have to go to court to resolve your claims or the claims your neighbor has made, you may also benefit from mediation or negotiating through your attorneys.
When a real estate transaction doesn't go as planned or costs run too high, it's possible that the development of the real estate will have to be stopped and that it will need to be auctioned to pay back the debts that are owed. That's what is happening in this case involving the development of a condo tower in New York. For buyers, this is in opportunity to purchase a building at a lower price, while the seller gets out of debt by going through bankruptcy or selling the real estate development opportunity to others with the funds to see it through.