The 4 Major Issues That Can Arise During a Real Estate Transaction

February 29, 2020 | Uncategorized | By Personal Injury Legal Directory | 0 Comments

Issues can quickly arise during real estate transactions. These problems may even cause the deal to fall through entirely. But, with help from a real estate attorney, we can ensure both parties can resolve their concerns so the purchase can continue moving forward smoothly. We can assist those who are looking to buy a home with completing necessary paperwork and confirming that the transaction will be in their best interest.

#1 Conflict Over Who Retains Deposit

It isn’t uncommon for conflicts regarding the deposit to occur, especially if the transaction doesn’t finalize. Then, both parties may fight over who should keep the deposit. What many people may not realize is that this is actually a legal issue, and the resolution is based on state law. Additionally, the original purchase agreement may list what will happen if the purchase doesn’t go through. 

#2 Failing to Disclose Details

One of the main issues between sellers and buyers is failing to disclose information, such as material facts or defects. By withholding pertinent details, it can make the buyer feel gypped and can lead to a real estate litigation lawsuit years later. Based on the state law for where you live, there are certain defects that the seller is required to share with you. An attorney can inform you of what these defects are, and attempt to uncover any information that the seller is trying to hide from you. Real estate agents may be held accountable if they intentionally don’t disclose defects.

#3 Real Estate Agents Acting in Self Interest

Real estate agents don’t make money unless they sell the property. So, during negotiations for a real estate transaction, they may be motivated to sell regardless of whether it will be most suitable for the buyer. Having a legal professional overseeing the buying process can help protect you from a real estate agent who is only acting in self-interest and to get paid.

#4 Issues with the Contract

Real estate agents typically use a general outline for purchasing property. However, these forms just have sections to fill in, and there may be unique circumstances associated with the property that must be addressed. An attorney can review these documents for inaccurate or missing information. 

Our attorneys are seasoned in the legalities of real estate law. We understand that for the average person, the process of buying a home can be very confusing and complicated. That is why we provide services to assist clients by protecting their best interests, offering clarification, investigating potential risks, and uncovering details that perhaps the seller is trying to keep hidden. If you want to know more about how we can be of help to you during a real estate transaction, then call a real estate attorney in Melbourne, FL today. 

Thanks to Arcadier, Biggie & Wood, PLLC for their insight into real estate law.