Real estate transactions can be complex, and given the personal nature of a real estate investment, it's not surprising that disputes arise throughout the process of finalizing the deal. While real estate disputes are relatively common, it's important to understand that most of these disputes can be resolved without the need for a lengthy and expensive trial.
Common types of real estate disputes
Given the fact that every individual real estate transaction is unique, there can be a wide variety of real estate disputes. However, some of the most common types of real estate disputes include:
- Inspection Disputes — The inspection is a pivotal component of the real estate transaction, and it's common for buyers and sellers to get into disputes regarding the inspection results. In many cases, a buyer may want something repaired but the seller does not want to pay for the cost of those repairs.
- Misrepresentation Regarding Home Condition Disputes — In some cases, buyers who have finalized the purchase of their home feel that the seller misrepresented the condition of the property prior to selling it.
- Boundary Disputes — Neighbors sometimes disagree about where the legal boundary of their property is, and this can require legal action.
- Breach of Contract Disputes — If a buyer or seller does not fulfill their obligations that were outlined in the purchase agreement, there can be a breach of contract dispute.
What you need to know about resolving real estate disputes through mediation or arbitration
According to The Balance Small Business, real estate disputes often can be solved with mediation or arbitration. This is a more affordable option than going to trial, and it often takes less time.
Mediation is the shortest option, as it usually only takes one meeting to resolve the issue. Mediation can last several hours, and upon conclusion, typically both parties have agreed to a mutual resolution. In some cases, the parties agree to pursue further legal action to resolve their issue.
Arbitration can take a bit more time, but it is still a shorter process than a trial. This is because the arbitrator must collect facts and evidence to review the case before making a final decision.
There are fees involved in both mediation and arbitration, but those fees are often split between the two parties. Both resolution options are less expensive than pursuing litigation.
Is a trial ever necessary?
Yes, a trial can be necessary in some real estate disputes. Generally speaking, real estate disputes go to trial when one party is alleging criminal conduct on the part of the other party or if the situation involves a complex legal manner that requires extensive litigation.
If you are involved in a real estate dispute
In the event that you are involved in a real estate dispute, it's important that you seek representation from a qualified attorney who has experience in real estate law. Experienced real estate lawyers are able to advocate for you and help you get the results that you need and deserve. Contact us today to set up a consultation appointment and discuss the specifics of your real estate dispute. We will provide you with a personalized plan of action to help you move forward.