In a deal worth hundreds of thousands or even millions of dollars, it’s important to remember not to be penny-wise and pound-foolish. Most real estate transactions go smoothly, but the ones that don’t can end up in court for years and erase any profits you made from your investment.
In any real estate transaction, it’s important for both buyers and sellers to verify whether the title is clean, if the property’s boundary lines are clearly defined and not in dispute, whether the property is in good condition, and whether any nuisances that are not easily discoverable may affect the property’s value. Any of these issues can greatly affect a property’s value and may lead to accusations of fraud and/or costly litigation if they are only discovered after closing.
If a problem does come up, we’re here to help. While it may seem like any disputes should be easily resolved by reading the contract, disputes often center around what the contract actually meant or whether a party’s actions materially differed from the contract’s terms. In addition, the possible outcomes are also more complex than in a typical contract case because real estate deals are one of the few areas of the law where specific performance of the contract is an available remedy in addition to an award of monetary damages. To make sure you fully understand your rights and how to protect them, contact us as soon as you suspect your real estate transaction might not go smoothly.
Purchase and Sale of Real Property
Breach of Contract