Within the spheres of commercial and residential real estate, contractual disputes are common. Real estate transactions are very significant. Properly reviewing contracts are of the utmost importance in these dealings, but even when appropriate precautions are taken, conflict can arise. When dispute over a real estate contract does happen, counsel from an attorney experienced in real estate law is imperative. In fact, it is recommended that anyone considering signing a real estate contract first consults a qualified lawyer before moving forward.
Real estate contracts contain many components, and can be quite complex. Purchase agreements include the specific terms of a sale, including pricing, financing, and payment details; relevant dates, such as closing date; fixtures or appliances included in the sale of the property; warranty information; accurate appraisal results, title status, zooming description, and other data regarding the property. Incorrect or fraudulent information is a prevalent cause for contract disputes. Failure to complete set terms of a contract and disputes over closing costs also occur. Noncompliance with the terms and conditions set forth in a purchase agreement, as well as contract breaches, often lead to litigation, although in many instances mediation and/or arbitration can effectively settle such matters at the lowest possible cost and risk.
Losses resulting from breaches in real estate contracts can be incredibly serious, even devastating. For assistance addressing a potential real estate contract dispute, protect your interests by contacting the Law Office of Joseph M. Kar, PC.