There are around 3.5 million residential properties in New York City alone. It won’t be surprising to know that disputes and misunderstandings do happen in a property market this massive.
Whether you’re a simple property owner or a management company, you may run into a real estate dispute at some point. As trusted real estate lawyers in New York City, we are here to highlight some of the most common causes of property disputes and what you can do to avoid them.
Breach of Contract
Whenever you purchase, sell, or lease a property, there must always be a contract involved. This document should at least include the following:
- Terms and conditions
- Title clearance
- Closing date
- Financing
- Assets
For example, the contract compels the landlord to provide repairs and allows a tenant to use the property. In turn, the tenant has to pay rent diligently and follow any other rules stated in the lease.
If one party doesn’t honor their obligations, this is considered a breach of contract. A breach will enable the other party to pursue damages for possible loss or damage.
To avoid any chances of breaching a contract, it’s best to partner with a real estate lawyer who will help you read and review the specifics of the contract. This is to make sure it’s fair and reasonable. This is highly recommended whenever you’re buying or selling properties.
Undisclosed Property Defects
Disclosing everything about a property is mandatory, especially when you’re selling or leasing. This includes factors that might affect the price, such as defects like leaks and possible non-permitted improvements made on the property.
If an office space has been promoted and sold as a perfectly maintained property, but the buyer found obvious damage, the seller can be held liable. While this ultimately relies on buyer-seller trust, it can be avoided by inspecting the property and hiring professionals to look into its history before closing the deal.
Boundary Disputes
Boundary disputes happen when two neighbors are in disagreement about where their property lines begin and end. In most cases, the boundaries were not properly registered. It may also be due to a practical property line superseding the legal line.
In this case, you may be using a property that doesn’t match the legally registered boundaries. Fortunately, these disputes can be settled by thoroughly researching where the legal boundaries of the property are located.
A real estate lawyer is capable of handling the research and warning you of any potential boundary-related lawsuits that may arise.
Co-Owner Disputes
Some properties are owned by two or more individuals. This complex style of property ownership and management makes it possible for co-owner disputes to happen. It usually happens when joint tenants or partners disagree about a specific issue.
For example, a co-owner who has been paying more on maintenance and repairs may be entitled to assert a lien against the other owners if the property was sold.
In this scenario, settling your original disagreements may prove useful in preventing a larger dispute. However, not all situations can be as simple. When it comes to dealing with complex co-owner disputes, it’s best to have an attorney to help guide you through the various legal issues involved.
Depending on your situation, most of these property disputes can be avoided and resolved outside of a courtroom. But when it comes to property disputes that need legal action to be resolved, your best option is to hire a real estate attorney to help you out.
Aminov Law Group, P.C. is a boutique law firm that specializes in real estate legal services. If you find yourself in a real estate dispute, feel free to contact us today for a consultation. Our team is always ready to listen to your legal concerns.