Buying your own real estate can be a very exciting moment in your life. It indicates a sense of maturity and accomplishment. Owning a home or property can give you a gravitas. However, selling and buying real estate can be complicated if not handled properly. Often, homeowners and property owners need to form a contract, which gives them legal rights to the land. If the contract is not composed properly or does not provide for certain stipulations, buyers and sellers can struggle with disputes.
Often, when two parties fail to interpret the requirements of a contract in a mutual understanding, you may need legal counseling to ensure your rights are protected. However, in order to understand the necessity of legal counsel in contract disputes, it is important to understand what goes into a signed agreement.
Real Estate Contracts
Real estate contracts are used to signify the sale of a property or home. It usually takes the form of a lease or ownership agreement. Most contracts include information such as:
- The name of the parties involved
- The price the property was purchased
- Description of the real estate
- Any special contingencies
- Signatures of everyone involved
Both parties sign the agreement, allegedly knowing what is expected of them to make the deal go through. However, after the contract is signed, one party can have issue with the deal. They may try to find ways to negate the contract or call it in to question. This is when disputes arise.
Common real estate contract conflicts include:
- Appraisal disputes – One party may question the value of a house or property. If the two parties cannot agree on the actual price of the home, professional intervention may be needed.
- Disclosure – When selling their property, the state requires owners to tell the buying party of any damages or safety issues in a home. If the owner fails to do so, it can potentially cause a contract conflict.
- Fraud – The person selling a property must have the correct authorization to do so. Other types of fraud include mortgage and loan agreement issues.
These issues can cause major strife amidst the two groups. If a party has an issue with the contract, they can challenge what is written in the contract. If the two sides fail to come to an agreement, legal help may be needed. At Chung & Ignacio, Attorneys at Law, we have extensive experience helping individuals with their real estate contract conflicts.
How to Resolve Real Estate Contract Disputes
Although we hope that you can find a mutual was to resolve a contract dispute, that is usually not the case. In most cases, attorneys are required to help represent the clients’ needs. Our civil litigation attorneys can offer many different actions to help protect your rights.
Common contract conflict resolutions include:
- Monetary considerations
- Court sales
- Questioning contract validity
If you or someone you know is involved in a real estate contract dispute, contact our Rancho Cucamonga civil litigation lawyers at Chung & Ignacio. We can help inform you of your rights and protect them in court. Call today to schedule a free consultation.