For property owners and real estate investors, the value of the property they invested in is a significant portion of their future wealth. This is the primary reason that a property issue can become incredibly troublesome.
In fact, some of the most serious and unmanageable disputes that owners and real estate investors face are the ones that involve legal consequences or issues. Both parties have too much at stake to sustain the huge lose of one (or multiple) mistakes. Our blog post today focuses on different types of common disputes and how you may be able to avoid them.
Common Real Estate Disputes
A common disagreement real estate property owners and real estate investors’ face revolves around contracts and contract clauses. Having a thorough understanding of each contract clause and using a Real Estate Lawyer to clearly outline each clause will help to prevent this most basic dispute – a disagreement on what a contract clause means to the person involved. To help prevent disputes from occuring, one solution is to outline possible solutions on how to address disagreements.
Whether due to shipment mix-ups, acts of Mother Nature, or worker illness, delays do happen. In fact, they should be expected, especially in real estate. Occaisionally, a contract will hold one party to deadlines, imposing penalties or liability for delays. This particular contingency is rare and delays are often caused by factors out of the control of both parties. To prevent disputes altogether, both parties should create a real estate contract that includes provisions regarding the actions that must be taken if a delay occurs.
This dispute is most common among real estate investors and property builders. Often in this scenario, the builder uses materials, appliances, and other important items that are defective. While some defects can be noticed, others do not reveal themselves until much later.
Partitions are usually common between family members or partners who have pooled their resources together and invested in real estate. Like any partnership or family business, things may progress smoothly for a while but could come into dispute as to ownership portions, especially if there is an estate involved. Usually in a partition, the claimant may ask for division of the property between him and the other stakeholders. The court will schedule a hearing in order to determine the share of each owner. Upon agreement between all owners, the property is divided.
Following the steps above before a dispute occurs may help to prevent any disagreements. However, if you feel that time has passed, you should call a Las Vegas Real Estate Attorney, such as The Dean Legal Group, for a consultation on your options.
Professional attorneys can help protect your important assets and can defend your rights under almost all disputes and issues, such as Title Issues, Security Interests, Option Agreements, Mortgage Foreclosure, Leases and Assignments, Failure to Disclose Defects, Commercial Landlord-Tenant Disputes, Breach of Contract, Disputes over Penalty Causes in the Contract, Implied Warranties, and Mortgage Defaults and Disputes.
Are you experiencing any legal issues related to real estate? If so,contact Las Vegas Real Estate Attorney Aaron Dean at (702) 823-1354.