According to surveys, 6.9 million home sales were completed in the United States in 2021. Real estate experts expect this number to rise to 7 million by 2023. To complete a real estate transaction, buyers and sellers must draft a legal document. Property lawyers in Queens help people draft these documents, make informed real estate decisions, and guide them about real estate transactions.
However, despite all of this, many legal problems arise during real estate transactions. Here’s a guide.
Failure to Disclose Previous Events
The most common legal problem during real estate transactions is when the seller doesn’t disclose the condition or previous happenings in the house. Many houses in the United States have gone through floods, fires, and even pest infestations. Sellers sometimes don’t mention this to the buyer as they don’t want to push away potential sales.
However, once the buyer buys the home or gets a home inspection done, they can discover the issues with a house’s structure, leading to legal problems like lawsuits. Therefore, sellers should mention any issue with the house and discuss it with potential buyers before signing the deal.
Real Estate Agents or Realtors Not Doing Their Job
Another common legal problem during real estate transactions happens when real estate agents or realtors don’t do their job correctly. A real estate agent is legally bound to act in their clients’ best interest, building a relationship of trust. However, real estate agents work on a commission, and they can make unethical, illegal decisions to get done with selling a house.
These illegal steps include lying to the buyer or seller or mentioning illegal terms on the house-transfer papers. These steps can land the real estate agent in hot waters if the seller decides to sue them for not acting in their best interest.
Not Providing Accurate Information
In most home buying cases, real estate agents fill out standard forms as purchase arguments. However, this can be challenging if either party has special considerations. Both sellers and buyers are legally bound to provide vital information to add to a purchase agreement. A real estate dispute can arise if they omit a term or refuse to abide by it later.
Try the Services of a Real Property Law Firm
Are you currently facing any of the legal real estate problems discussed above? Try getting the services of a Real Property Law firm NYC from Ledwidge and Associates! Our property lawyer Queens will help you solve real estate disputes and ensure that the other party doesn’t violate the terms stated on real estate documents. Additionally, we also help people avoid real estate fraud through legal advice and representation.
Reach out to our real property law firm in NYC and solve real estate problems through personalized legal solutions.
Ledwidge & Associates
