Whenever you form a business connection with someone, you want the relationship to be as harmonious as possible. This is especially true in the buyer/seller relationship that accompanies the purchase of a home. Whether you’re the buyer or the seller, the relationship requires a certain degree of trust, communication, and honesty. Even with the best intentions, the relationship can encounter its share of disagreements. Read on to find out about top three disputes that occur when buying or selling a home and how a New York real estate lawyer can help.
1. Deposit Disputes: A very common dispute revolves around deposits. Deposits are used as a fallback to lessen the blow for an unsuccessful transaction. In general, the purchase agreement will clearly state who has the right to the deposit in the event that the transaction doesn’t go forward. However, if the purchase agreement is misleading, then it can lead to issues. A dispute is likely to occur under these circumstances because both parties may argue that they’re entitled to the deposit.
2. Disputes about the Failure to Disclose Defects: Disclosure involves conveying important information about defects in the property. Some defects must be disclosed, while others aren’t required to be revealed. For instance, a specific disclosure mandated by the law is a disclosure about lead paint. A general disclosure is that the seller is required to tell the buyer about any known housing defects, even if the buyer doesn’t ask about the information. This is one of the many reasons the purchaser of the property should consult with a professional to survey the property before the sale. If there is a defect that isn’t discovered until after the purchase, a dispute could arise.
3. Disputes about Contracts: Each transaction is a unique situation, and the contract should be drafted specifically to reflect the specific situation involved; this applies to both the parties and to the property itself. However, real estate agents aren’t always good about contemplating the buyer’s and the seller’s needs and tailoring the contract to fit those needs. This can result in issues later on in the process.
Get Help with Your Property Sale Dispute from an Experienced Attorney
If you’ve involved in a New York home purchase, you should do your best to avoid disputes in the first place. However, sometimes they can’t be avoided. An experienced real estate attorney can be a valuable ally when it comes to resolving a home purchase dispute. Get in touch with a skilled MOWK real estate attorney who is ready to assess your situation.