Don’t assume that working with a broker or agent is enough to protect you during a home purchase or sale. There are aspects of the home selling or buying process that need to be legally taken care of if you are going to avoid all potential sticky situations. This is where a real estate attorney can prevent you from making a number of costly mistakes.
You certainly don’t want to find yourself facing a lawsuit just because you were excited about selling your home. Without the advice of a competent attorney, anything can go wrong. The following post will help you to get the clear picture of what a real estate lawsuit looks like:
Anatomy of a Residential Real Estate Lawsuit
The seller’s disclosure notice is almost always Exhibit A in lawsuits against sellers and listing brokers. To understand why, we need to examine the normal factual background and the legal basis for misrepresentation claims.
Factual Background and Cast of Characters
The buyer and seller close on the sale of the property and, at some point after closing the buyer discovers a problem with the property, and they claim it was not properly disclosed to them. Some common examples of defective property conditions that lead to lawsuits are water leaks in the roof and/or windows and foundation movement.
You may wonder how a buyer knows whether the seller was aware of the defective condition? Good question. Buyers frequently talk to their new neighbors and sometimes they are told the defective condition was also a problem for the seller before they sold. The buyers feel as if they have been deceived, so they retain a lawyer to sue the seller, the listing agent, their own agent and the inspector. Read more at Sellers Shield…
The above is an example of some of the common lawsuits that occur following a ‘successful’ house sale. A committed and expert attorney would not allow you to get into such a problem.
On the other hand, suppose you are a buyer. You find the home of your dreams and you’re ready to close the deal, but then you find out that you cannot proceed with the purchase. Or the process has to be halted for some unavoidable reason. Why would this happen? The following post explains:
3 Ways Liens Can Affect Settlement & Closing Procedures
Whether you’re a homeowner or a settlement agent, liens attached to a piece of real estate are not good news. No one wants to hear that a closing is delayed, postponed or, worse, cancelled completely. Unfortunately, liens can have this adverse effect on the settlement and closing process.
Mortgage liens, tax liens and attorney’s liens can be serious obstacles. Compound the fact that buyers often come to the table with an eagerness for settlement, sellers may be trying to close before purchasing another property and the settlement agent is under the gun to meet the expectations of both — all while juggling multiple other deals for clients — a lien can become a thorn in everyone’s side.
For both homeowners and settlement agents, speed is an important factor in the closing of a home. Learn all about the ways in which this goal can be compromised by the existence of a lien on the property, frustrating and/or disappointing all parties involved. Read more at reQuire…
Liens on property can only be detected by someone who isn’t desperate to get paid out of the successful transaction. That’s why an experienced real estate attorney is exactly what you need, otherwise, you might end up in a pretty messy situation.
The following is a true story that demonstrates just how tragic real estate deals can get when you don’t have the right people in your corner:
Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company
DENVER – A Colorado couple, who lost their life savings while trying to buy their dream retirement home, has filed suit against Wells Fargo Bank, Land Title Guarantee Co., Envoy Mortgage Ltd., Kentwood Real Estate Services LLC and realtor Karen Porras, alleging that none of them did enough to protect sensitive financial information.
James and Candace Butcher sold their house in Longmont and were using the proceeds — more than $272,000 — as a down payment on a new home, at 41467 Sunny Farm Circle in Parker.
They said they wanted a place closer to their son and one big enough for grandchildren.
“We were truly excited, when through negotiations, we won the bid,” Candace Butcher said. “Through the entire process, I kept saying, ‘I can’t believe this is going to be our house.’”
Within 24 hours of closing, not only was it not their house, but they lost all their money. Read more at The Denver Channel…
The importance of working with an experienced real estate attorney cannot be overemphasized. The simple reason is that with the right attorney, you will avoid a lot of unnecessary but costly pitfalls.
Make Jonathan Meek your real estate attorney of choice if you are looking to purchase a home in North Carolina. He will work vigorously to ensure that your homebuying experience is easy and stress-free. By relying on his expert legal advice, you can avoid the pitfalls that many new buyers fall victim to. Call Meek Law Firm South today at (980) 729-5662 or use the contact form on the website to get in touch.