Have you been thinking of getting into the real estate business as a buyer or seller? If yes, this article will prove quite timely.
You could find yourself facing legal issues with or without the knowledge of why. Many legal concerns and difficulties may arise. These include disclosing the effects, financing, discriminatory issues, special interests, and more. eblogz.org
Avoid the hassle of litigation by letting legal experts and qualified real estate lawyers guide you. Our article will share some common real estate issues you need to avoid.
1. Discrimination
Discrimination is a pervasive societal issue. You find it in all areas of life, including employment and service dispensation. The same applies to the real estate sector.
A landlord can deny access to commercial or residential property due to bias. The bias could be around religion, sex, economic status, national origin, etc.
Yet, the law is very clear that there should be no discrimination at all. The Fair Housing Act prohibits such discrimination.
Imagine finding the perfect location for your business. As an entrepreneur, you understand the importance. Location will determine whether your business succeeds or not. On speaking to the owner, he turns you down despite fulfilling all the requirements.
If you are sure the decision is due to bias, you can seek legal recourse. Talk to business startup lawyers to see if they can negotiate with the owner on your behalf. Such professionals provide various business-related services. They can help with business disputes and real estate litigation. The real estate lawyers have extensive expertise to bring your case to fruition.
2. False Advertisement
As a real estate seller, you must use marketing language to attract customers. But it pays to be careful about what you communicate. There should be truth in any information you share with the public. And that includes the images you use in your advertisements. eblogz.org
Always strive to provide an accurate and true representation of what you are selling. Understanding the state-specific real estate laws is also essential.
3. Disclosure of Accurate Information
Omissions or commissions hoping to close a deal can have legal repercussions. Sellers must, for example, inform buyers of the property condition. The buyer needs to know about structural issues, boundary disputes, pest infestation, etc. mediaposts.net
Please note that the defect may not have been evident at the time of the sale. But, if the lawyers can prove that you had reasonable knowledge and concealed it, you could lose the case.
If you are selling the property on behalf of someone else, fill in a sales disclosure form. You could avoid expensive legal pitfalls with this simple step.
4. Contract Breaches
Every real estate transaction must have an accompanying contract. The document must outline the terms and conditions that both parties must adhere to. It will also contain a section outlining financing, closing dates, assets, and more.
Any breach of contract from either party gives the other grounds for suing. Please read the sales contract well whether you are a seller or a buyer. It is in your best interest to hire real estate lawyers to help with writing or reviewing the document.
It is your attorney’s job to ensure the contract covers all the basics. They will identify any issues that could result in unfavorable terms or litigation.
5. Negligence or Breach of Duty
When you hire a real estate agent, you do so knowing that they have your interest at heart. But self-serving agents are more interested in what they can get out of the deal. They can take shortcuts or hide relevant information if it will impact the sale. Due to negligence, some real estate agents can fail to deliver on their mandate to you.
We go back to the importance of having a solid contract. Everyone should be clear about their obligations in real estate transactions. Failure to perform necessary actions as per the contract falls under breach of duty.
Damages or loss of finances could be a direct result. As a buyer, your real estate lawyer can help you file a lawsuit against the agents.
6. Environmental, Health, and Safety Issues
As a real estate seller, pay attention to health and safety issues. Let’s say you have this prime property that you want to sell. Historical data of the house shows that there could be asbestos issues. But it has been a long time since there was an asbestos inspection of the home.
The onus is on you as the seller to get qualified people to take care of the problem. If you manage to get a buyer without taking this step, it could result in legal issues.
The plaintiff’s team will need to prove that you were aware of the presence of the toxic mineral on the property. The records will be the evidence they need to prove that you kept the information from the buyer.
7. Failure to Employ Authorized Real Estate Lawyers
As a real estate agent, drawing up any legal documents is not your area of expertise. You may think that your expertise allows you to handle such tasks with ease. But, the law prohibits unauthorized law practice by real estate agents. The same applies to giving legal advice to the buyer or other sellers.
The only people who should write the contracts/legal documents are the lawyers. To be more specific, real estate lawyers. Your work is to enforce or ensure adherence to what is in the documents.
For buyers, you have the right to question any aspects you do not understand in the document. That means you have the liberty to let your attorney go through them.
Final Thoughts
Venturing into the real estate sector can prove to be a worthwhile investment. It doesn’t matter whether you’re coming in as a seller or buyer. Please take time to understand the factors that could result in legal issues.
We have outlined some of the most pertinent ones above. Also, please get the services of a real estate lawyer before making any moves. They have the relevant knowledge to give you proper advice.
The lawyer’s work is to ensure that you get the best outcome at all times.
