A new york real estate litigation attorneys can help you with any issue related to litigation. Real estate litigation disputes are on a continuous rise in today’s complex market. Regardless of whether you own a residential property, a property management company, or a commercial real estate developer, you may find yourself in such a dispute at any point in time. This is when you will need a new york real estate litigation attorneys on your side.
Most types of disputes can be settled outside the court, but there are times when litigation becomes unavoidable, especially if the parties involved cannot reach a common ground. So, what are some of the most common causes of real estate litigation?
- When there is a breach of contract- sales agreements involving real estate are contracts. If you sign the contract to buy or sell property, there will be specific terms and conditions that you need to respect. Title clearance, closing date, financing options, and other details will be included in the contract. Whenever one party fails to abide by these rules or terms, the other party involved can sue for a breach of contract.
- Omitting the disclosure of a property defect on purpose- sellers are legally bound to disclose any fault that is not obvious but could directly affect a property’s actual value. For example, a leaky roof. This is when the buyer can file a lawsuit against the seller for failing to disclose the given defect.
- Breach of duty- or breach of negligence- here, real estate agents can be sued for negligence or breach of duty if they do not act in their client’s best interest. Agents must protect sensitive information, and they should never disclose it. However, if the agent fails to disclose a known defect just because he wants to earn the commission, the agent can be sued for breach of duty. Remembering that a real estate agent must disclose any information to benefit their client is essential.