A considerable percentage of small businesses out there are involved with any type of litigation. On the other hand, around 90% of the businesses encounter legal disputes. This is applicable for real estate market as well. Here are some of the most common litigation issues faced by the real estate market.
- Breach of contract
Breach of contract is a common real estate litigation issue in the real estate market. The real estate contracts usually include some specific details with related to closing date, title clearance, and assets found within the transaction. If any of the parties don’t adhere to these specific details, contract breaches can take place. As a result, the plaintiff will be eligible to go for a compensation to cover up the loss.
- Failure to disclose defects of property
It is required by the law for a seller or a real estate agent to clearly disclose all sorts of defects associated with the property. If the buyer was not aware of the defects at the time of closing the deal, a litigation issue would take place. To overcome this issue, the plaintiff should prove in detail that the specific defect was communicated to the defendant.
- Breach of duty or negligence
Breach of duty or negligence is a common reason on why most real estate agents end up with getting sued. Realtors and agents are obliged legally in order to cater to the best interests of the clients, but not to the best interests of any other third-party or salesperson. Moreover, they will need to retail all sorts of sensitive information about the client as confidential information. Failing to do this would end up with a real estate litigation issue.
Keep these common real estate litigation issues in mind and make sure that you don’t commit any of them.