Entering a real estate transaction is quite a significant step to take. So before you put pen to paper and sign any legal contracts, you must ensure this move works in your best interest. Otherwise, you may find yourself disputing with another participating party in the future. With that being said, please continue reading to learn what actions you should take to avoid getting involved in any real estate disputes and how an experienced New York City real estate attorney at Zimmet Law Group, P.C. can step in if and when necessary.
What initiatives should I take to avoid real estate disputes?
Namely, the most common types of real estate disputes seen in New York State, and arguably ones that our firm handles the most, are contract disputes and tenant-landlord conflicts.
On the one hand, contract disputes typically arise when one party fails to uphold their end of the deal and things get heated rather quickly when the other party accuses them of a breach of contract. For example, a seller may be under fire if they fail to make necessary, promised repairs to the home before closing on the transaction. Or, a buyer may be in trouble if they fail to secure a mortgage loan on time and miss important due dates part of the transaction. With this, a simple initiative to avoid future contract disputes is to read through its terms and conditions closely to understand completely what obligations you are expected to fulfill. And if you find that the terms and conditions are too vague for your liking, you may suggest modifications that define specific deadlines, financial details, contingency factors, conflict resolutions, etc.
On the other hand, a tenant-landlord dispute is similar when one party fails to uphold their part of the signed lease agreement and overall their duties as outlined by New York State housing laws. For example, a landlord may fail to maintain the rental property as a safe and livable space. Or, a tenant may consistently fail to make their monthly rental payments on time and in full. So, to curb any disputes with your landlord or tenant, you should maintain a clear path of communication with them. This may entail documenting all your communications, referencing your lease agreement when figuring out how to respond, and overall responding to their concerns fairly and justly.
What is the statute of limitations for a legal dispute in real estate?
Unfortunately, your legal dispute with a buyer, seller, landlord, or tenant may be unavoidable, especially if the other party is unwilling to communicate, negotiate, or work with you civilly. This is when you may have to take it upon yourself to initiate a legal action or brace yourself to be served with one. Either way, you must know the statute of limitations, which dictates whether the New York State civil court will even look at this case. Specifically, for contract disputes, this time limit is set at six years from the date the contract was broken or the last payment was made on the contract.
For more information on if and when to pursue a legal dispute in real estate, please don’t hesitate to contact a skilled New York City real estate attorney from Zimmet Law Group, P.C. We look forward to hearing from you and later on helping you.
