Buying and selling property, whether that means open land in Long Island, Garden City, Bellerose, Bellmore, Rockville Centre, Queens, NY, and the surrounding areas, a home, or a commercial property, has a lot of moving parts and have many requirements that must be followed. Because of these complexities, working with the Law Offices of Aaron I. Katsman, P.C. can provide you with important safeguards, especially when it comes to the sales contract and a party violating that agreement. What to do when things go sideways on a real estate transaction that would otherwise have gone forward just fine? Your real estate attorney is there to review the contract and evaluate what happened to determine just what remedies should be pursued. Without their expertise, you may not even realize that you have recourse for the breach of contract, and you may not know what to do to remedy the situation. Contact our team today and start working with a real estate attorney before you get too deep into the process.
Common Types of Real Estate Contract Breaches
While there are many different scenarios that could happen, some of the most common contract breaches include a failure to close on the sale, a failure to disclose something, as well as missed deadlines spelled out in the contract. For failure to close, many contracts have specific portions in the contract where canceling the sale is fine, such as not being able to get the needed financing or having an inspection come back negatively. But just pulling out of a sale because you ‘changed your mind’ is not a valid reason.
Failure to disclose is essentially intentionally hiding a significant property defect, and this can provide grounds for a lawsuit. Missing deadlines can include things such as dates for appraisals to be done by or loan commitments to be satisfied by. All of these, plus other issues, can quickly derail a property transaction, but working with a real estate attorney can make these issues affect you a lot less.
Keeping You Out of Legal Trouble
Having a real estate attorney on your side will help to keep you out of legal trouble when it comes to the above situations, as well as other issues. They end up saving people money and time on real estate transactions and help their clients to better understand what a contract says and how that affects their position as a buyer or seller of property. While it would be nice if all real estate transactions were made easily and smoothly, knowing that there are large consequences if things go wrong make working with a property attorney the right move.
It can be an exciting time when you are buying or selling a property in Long Island, Garden City, Bellerose, Bellmore, Rockville Centre, Queens, NY, and the surrounding areas, but you don’t want to sour that excitement by doing something that will jeopardize the transaction. At the Law Offices of Aaron I. Katsman, P.C., we will help to guide you through the real estate process. Contact our team today to get started working with one of our real estate experts.