Essentially, a purchase and sales agreement is a binding contract between a buyer and a seller that marks the parties’ intentions and the terms that will govern this real estate transaction. So usually, arguments between a buyer and seller arise when there is a breach of contract. Continue reading to learn how to avoid legal disputes in your real estate transaction and how one of the experienced New York City purchase & sale attorneys at Zimmet Law Group, P.C. can shield you from this.
What are disputes that commonly arise in a real estate transaction?
To reiterate, most disputes between buyers and sellers originate from the purchase and sales agreement. This is either because the agreement is poorly written or one party is negligent in abiding by it. Examples of common disputes are as follows:
- A purchase and sales agreement fails to adequately outline the responsibilities of both the buyer and the seller.
- Or, the buyer or seller fails to fulfill the duties outlined in the agreement.
- A purchase and sales agreement fails to adequately outline whether the buyer or seller keeps the earnest money deposit should a transaction fall through.
- Or, the buyer fails to make the earnest money deposit.
- A purchase and sales agreement fails to order the seller to make necessary home repairs before completing the transaction.
- Or, the buyer fails to hire an inspector before completing the transaction.
How can I avoid legal disputes in a real estate transaction?
Rest assured, retaining the services of a seasoned real estate attorney is almost always the solution to avoiding legal disputes in your purchase and sales agreement. An attorney may streamline your real estate transaction in the following ways:
- An attorney may ensure that all the terms and conditions disclosed in the purchase and sales agreement are fair and just.
- An attorney may ensure that you fully understand and are willing to uplift the duties and responsibilities as outlined in the purchase and sales agreement.
- An attorney may ensure that your purchase and sales agreement includes an arbitration or mediation clause to avoid any future litigation proceedings.
- An attorney may ensure that you have specified your contingencies within the purchase and sales agreement to be protected in the process.
- An attorney may ensure that any agreed-upon change to the purchase and sale agreement is written and signed in a formal addendum.
- An attorney may ensure that you hire a licensed and trustworthy home inspector to pick up on all necessary repairs before the purchase.
For these aforementioned reasons alone, you must not hesitate and reach out to a skilled New York City real estate attorney as soon as you possibly can. Our team at Zimmet Law Group, P.C. will be awaiting your phone call.