New York real estate litigation refers to any dispute arising out of real estate property or a particular interest in the respective property. For example, real estate litigation can refer to a dispute arising during the purchase phase of a property or a dispute arising from the property’s ownership rights. The parties involved in the sale/acquisition of a property could eventually disagree on certain aspects, such as the sale agreement terms or other conditions. This is where New York real estate litigation attorneys can help the parties involved to clarify the situation.
For example, you could also have disputes regarding certain material defects or problems with the property- especially if these defects have not been disclosed to the buyer (this can happen both in the case of a residential and a commercial property sale). In today’s market, real estate-related disputes are extremely common. Regardless of whether you are a residential property owner or maybe an owner of a property management company, at some point, you may face the challenges of a real estate dispute. Many of these disputes can be easily solved outside the court. Still, real state litigation is necessary whenever the parties involved cannot agree to find common ground.
What is a breach of contract?
All real estate agreements are bounding contracts. Whenever you agree to buy a property, you must sign a contract, agreeing to all the terms and conditions highlighted in the respective agreement. The contract will contain specific provisions regarding the closing date, financing details, title clearance details, and the types of assets included in the sale. Suppose any parties involved fail to respect all the terms specified within the contract closely. In that case, the other party has the right to sue for a “breach of contract”.
Paying attention to all the details laid out within the contract is extremely important. It is highly recommended to hire a new york real estate litigation attorney who will review the contract and ensure that you understand and agree to all the terms outlined there.
