Common Issues During Real Estate Transactions
Those employed in the real estate field are very busy. In the United States alone, 5.96 million houses were sold in 2018. While this was a decrease from the 6.12 million homes sold the previous year, this number is still significant.
In a perfect world, every real estate transaction would go smoothly. However, it is not uncommon for problems to arise at some point in the process. While real estate agents try their hardest to resolve these issues, deals often fall through.
As a home buyer or seller, you may want to know more about common disputes when buying or selling a home. Read on to learn more.
Failure to Disclose
This is a huge issue because a potential buyer might not want to buy a home that has had previous fire or flood damage, for example, or a recent termite infestation. Many sellers and real estate agents, however, fail to disclose information that could ward off buyers. However, by doing so, they open themselves up to lawsuits once the buyer purchases the home and discovers a serious problem.
Communication Issues
Many sellers feel that their real estate agent is not keeping them properly updated on important issues. If an open house is scheduled, then the sellers should know about it so they can prepare their home. They should also know whenever a buyer is interested in their home.
Agent Not Acting in Best Interests
Real estate agents have a duty to their clients. They should always act in ways that benefit the seller and promote a relationship of trust. However, real estate agents do work on commission and in order to quickly sell a home, they may do things that seem unethical. While agents have an incentive to sell a home for the most money possible, at the end of the day, the client is the one who should make the final decision about their home.
Inaccurate Information
Real estate agents use standard forms as purchase agreements. However, if a purchase involves special considerations, then it may be tricky for the real estate agent to properly fill out the form. If important information is omitted, though, it could affect a purchase.
Legal Issues
Some real estate issues are legal in nature. There could be restrictions or covenants that affect the sale of a home. There may be a dispute over the boundary line of a property. The buyer or seller may request certain provisions that are not usually seen in a real estate contract and this can lead to legal issues.
Seek Legal Help
Real estate transactions are very complex. A home is often the largest purchase a person will make in their lifetime. As such, both sides want to ensure that problems are dealt with fairly so that the buyer can get a home that fits their needs, while the seller wants to receive the most money possible.
Protect your home and avoid fraud and scams. Fort Lauderdale real estate lawyer Edward J. Jennings, P.A. can help you handle legal matters in the real estate industry. Schedule a consultation today by calling 954-764-4330 or filling out the online form.
Resource:
statista.com/statistics/275156/total-home-sales-in-the-united-states-from-2009/
https://www.ejj-law.com/the-coronavirus-impact-on-the-real-estate-industry/
