Given that real estate transactions often involve a lot of money, disputes are commonplace.
In some instances, these problems can make the deal fall through, but with determination, the parties may amicably resolve these problems and conclude the transaction despite these issues.
What type of trouble is common during real estate transactions?
Some common disputes include:
- Failure to disclose: This is among the top disputes between buyers and sellers, and it entails not disclosing material defects that may have informed the buyer’s decision to purchase the property or the price they would have paid. Pennsylvania laws define the defects that sellers are required to notify buyers beforehand, and if it is not the case, it can be a point of contention.
- Purchase contract issues: If the contract is too vague or not written in a way that both parties can easily understand in the agreement, then a dispute may arise. Each parties’ obligations must be clearly stated to avert potential conflict.
- Failure to perform: If either party fails to go through with the transaction, it may be a cause for conflict. For instance, if the buyer refuses to complete the purchase, the seller refuses to sell the property.
Sellers who make faulty repairs can also cause conflict. This can arise if they hire someone who is not well versed with the repairs in question, and they make substandard repairs which can affect the property’s value and the buyer’s interests.
How to resolve such disputes
Going to court may sometimes prove counterproductive, given the time and money that goes into litigation. It may be worthwhile to explore other forms of resolving the buyer-seller dispute that works for both of you.
It could save you a lot, and most likely, your issues will be resolved sooner than if you had taken the matter to court. Still, it’s necessary to have adequate knowledge or representation to ensure your interests and rights are well protected.