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Residential real estate deals are complicated, with numerous moving parts and parties involved each step of the way. Naturally, therefore, disputes can arise which threaten to detail the deal. This makes it all the more important to have experienced counsel watching out for you.
Whether you’re the buyer, seller, or a real estate investor, the dedicated Syracuse legal team of Carden Dotzler Hammond, PLLC can assist you. We work to resolve these common disputes (among others) so the transaction can move forward and close.
Title Defects and Related Issues
Problems with clear title are arguably at or near the top of the list of common residential real estate disputes. Buyers conduct title searches to determine whether there are any clouds on the title which could affect their right to the property. Common issues involve:
- Liens
- Unpaid taxes
- Outstanding mortgages
- Boundary problems
- Clerical mistakes
- Broken chains of title (missing records)
- Forged deeds
- Probate and inheritance issues
An attorney can help identify and resolve these problems before closing. Your Syracuse residential real estate lawyer can also recommend title insurance which protects you in the event unforeseen issues are later found.
Contract Disputes
The residential real estate contract is the backbone of the transaction and will determine the respective rights and obligations of the parties. Such terms as the purchase price, closing date, and contingencies will form the core of this agreement. Disputes can therefore threaten the transaction.
The parties may come to a disagreement for any number of reasons, including:
- Misunderstandings about the terms and conditions (due, for instance, to poor drafting and ambiguous language)
- Failure to disclose material facts about the property
- Failure to define or meet contingencies
- Missed deadlines
- Breaches of contract
A contract dispute can arise at virtually any time, including during negotiations or after closing. Hiring knowledgeable Syracuse legal counsel can help ensure proper drafting of the contract. If a problem arises later, an attorney can also represent you and seek a resolution.
Financing Issues
Buyers generally have to secure a loan to purchase residential real estate, which means they have to involve a lender such as a bank. This adds another layer of complexity to the transaction. Real estate contracts generally include contingency clauses surrounding this.
These clauses protect the buyer by allowing them to back out of the deal and save their earnest money if they cannot secure financing by a certain date. However, the seller may not agree that the buyer met the requirements of the contingency clause to properly invoke it.
Another dispute can arise if the buyer’s position changes at some point during the deal. The buyer may have obtained pre-approval for a mortgage, then lost their job and therefore failed to secure financing. The seller could allege that the buyer did not properly disclose their financial position.
An attorney can help the buyer secure financing or work to include language that protects their or the seller’s interest in the deal. If problems later come up with the financing, your lawyer can suggest adjustments to the contract or find other solutions to keep the deal on track.
Zoning and Land Use Restrictions
These restrictions control how an owner may develop, use, and renovate property in Syracuse. Both the buyer and seller should be aware of any limits to the property that could affect the deal. When they are not, or they fail to disclose restrictions, problems can arise.
For example, a real estate investor may want to buy a home with the intention of converting it to a multi-family unit. Later, however, the investor may learn that local zoning rules prohibit this. If the seller knew of this but failed to disclose or hid it, the investor may have grounds to sue.
Due diligence can often uncover such issues before they become disputes. If you are the seller, an attorney can also make sure you disclose to the buyer or investor anything material about the property.
Working With You Through Real Estate Legal Issues
Regardless of which side of a residential real estate deal you are on, we’re here to assist with any disputes you may have. From title and contract issues to financing and land use, and beyond, count on CDH Law. Get in touch with us now to learn more.