New York is a fabulous place to work and live, which is why it has consistently been one of the most competitive real estate markets in the world. An unfortunate side-effect is that real estate disputes are fairly common. Disputes can arise for a variety of reasons, from disagreements regarding the true property owner, and of course, breaches of contract. Litigation can last for years, but staying knowledgeable can improve your chances of a positive outcome and a speedy resolution.
Types of Disputes
Disputes during a real estate purchase or sale can really put a wrench in a great plan. Regardless of whether you’re buying or selling commercial, investment, or residential property, leaving the property in a state of limbo comes with many disadvantages. If you’re selling property, you’re stuck continuing to pay for and manage a property you don’t even occupy. If you’re buying, you could be in a precarious housing situation where you have nowhere to live until you find a resolution. Here are some of the most common types of disputes:
Property Ownership and Title Disputes: If two or more parties claim ownership of the same property, this may result in a dispute. This usually happens when there’s an error in the deed, title, undisclosed lien, or if there are issues with asset distribution and inheritance within an estate.
Breach of Contract Disputes: Breach of contract can happen any time one party fails to fulfill the agreed-upon obligations within a contract. This may happen in real estate if one party does not pay the agreed-upon price or certain repairs are not made as outlined in the initial contract. In the worst of cases, it could be an owner who refuses to transfer ownership to the buyer.
Zoning and Land Use Disputes: Zoning laws for buildings change frequently, so it’s common for there to be a disagreement over the permitted use of the property. The dispute can stem from disagreements over zoning regulations, building permits, or code violations.
What to Do If Your Purchase or Sale Is Facing a Dispute
If you’re facing a real estate dispute, it’s important to act quickly. Every day that the dispute drags on is more money and time wasted. First and foremost, involve a legal team that has a proven track record of successful outcomes. If you’re unsure whether a legitimate dispute exists, review the contract. Hiring an attorney at the beginning of the process is especially helpful because they can review the contracts before they’re signed to check for inconsistencies. Here are some additional ways an attorney can be of assistance:
Documentation and Gathering Evidence: Keeping track of all correspondences, relevant documents, and any pertinent data will help support your claim. An attorney can interpret the documents you have and advise on what additional documentation may be required. It’s possible that emails, letters, and even photographs can help your case.
Negotiate a Settlement or Filing a Lawsuit: In many cases, disputes can be resolved through negotiation or mediation. It’s more common to settle outside of court, even if you file an official complaint through the courthouse. An attorney can help you negotiate for better terms, or have your back if the settlement is unsuccessful. Filing a lawsuit can be expensive and time-consuming, so your attorney can advise you on whether it’s better to cut your losses or fight in court.
Real estate disputes can be extremely challenging and costly, but you don’t have to go through it alone. Utilizing legal services from the beginning of your search or before listing, can be extremely beneficial in avoiding litigation or disputes. At Ledwidge & Associates, our team is experienced and prepared to help you get the resolution you need. For a consultation, reach out to us through our online form, or call (718) 276-6656
Ledwidge & Associates
