Saturday, February 6, 2016

How are disputes resolved in Real Estate?

Occasionally disputes DO arise in the normal course of executing a real estate contract.  Large sums of money, along with LOTS of moving parts involved with a real estate transaction; Title Searches, Home Loans, Appraisals, Flood Zones, HOAs, etc., just to point out a few of the pieces of the puzzle that have to fall into place all on the timelines set by the real estate agents.  It is inevitable that occasionally there are miscommunications and the deal can start to go sideways.

Of course, the best (and least expensive way) for parties to resolve disputes is to negotiate directly.  If that breaks down, the next course of action is to seek mediation through a third party with expertise in resolving real estate disputes.  And if THAT does not bring satisfaction to both sides, lawyers and judges finally can be brought in.  Usually at a very high expense and can take some time as well.

But remember, the best way is to avoid disputes in the first place is by clear, concise communication in the contract, along with competent agents helping to perform specific parts of the contract in a timely manner.

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