Real estate often involves transactions related to a property. It is only sometimes necessary for a transaction about properties and real estate to be smooth and effective. There are chances that a dispute may arise due to a given set of reasons. Conflicts can occur when two or more entities come to different grounds regarding the property transaction.
While the dispute might take some time to settle, it will be in your best interest to hire a Las Vegas Commercial Litigation Attorney and ask for legal assistance. Real estate laws and regulations can be complex. Hiring a lawyer in such cases will be beneficial and help you in avoiding blunders. Besides, below are some common real estate disputes you must be familiar with. Knowing such conflicts can help you avoid them or deal with them better.
Common real estate disputes you should know:
- Property line disputes
One of the most common types of real estate disputes is related to property lines. Property line disputes can likely occur in cities or areas with multiple property lines. When there are more property lines, it will become challenging to locate them over time. Property owners might build fences or place trees to bisect their property with their neighbors.
However, property line disputes can arise if the property owner or the resident must clearly define the property’s boundaries before purchasing or building the property. Such a dispute can also occur when a neighbor’s fence encroaches on your property, and the neighbor claims to own part of the property.
- Breach of contract
The entities must sign a binding legal contract when a property is purchased or sold. The agreement will contain important information defining the requirements that both parties need to follow. The contract can likely include the closing date, purchase price, property description, contingencies, finances, etc.
Similarly, when either party in a real estate contract fails to follow the requirements, the other party can build a legal case and sue for a breach of contract. Suppose a party has sued you for breach of contract. In that case, hiring a commercial litigation attorney will be necessary, as they can help you by reviewing your contract before litigation.
- Breach of duty
Real estate agents and other professionals involved in a property transaction owe their clients a duty of care. Breach of such responsibility can lead to unexpected outcomes in the process. Breach of duty can range from getting involved in a bad deal, being misled about a property’s condition, missing out on a sale, etc.
To avoid a breach of duty, professionals involved in a real estate transaction must act in their client’s best interests. It will also help if a professional does not favor any third party’s interests over their client’s needs. Real estate agents and other professionals must keep their client’s information confidential. They must not disclose any information to anyone about the client.