Entering into a purchase agreement as part of your real estate transaction is a great way to protect your interests. The agreement outlines what each party is responsible for so the sale can go forward without an issue. But sometimes, disagreements or disputes about the purchase agreement can crop up, and when they do, you won’t be able to complete the sale until you reach a resolution. Working with a real estate breach of contract lawyer in Minnesota can help you reach a resolution through negotiation or mediation. Here’s what you need to know about these two methods.
What Is Negotiation?
Negotiation refers to the process by which two parties, typically the buyer and seller of the property in question, negotiate the terms of the purchase agreement after disputing certain terms or conditions. As you might expect, the process involves a dialogue between both parties. The buyer and seller will need to work together to resolve their disputes and reach a new agreement that satisfies their collective wants and needs.
While you’re not required to have an attorney represent you or be present during the negotiations, it’s almost always a good idea. Real estate breach of contract lawyers in Minnesota know how to consider the proposed terms of the updated purchase agreement and they can make sure those terms work in your best interest.
What Is Mediation?
Mediation is similar to negotiation, but rather than meeting with the other party alone, you’re able to work with a neutral third party to ensure that the discussion stays productive and an agreement can be reached. There are professional mediators who do nothing but help parties resolve disputes. But you may be able to use an experienced real estate attorney as a mediator to oversee the discussion.
Working with an attorney gives you the best chance of ensuring that all terms are fair and that each party is held responsible for the updated purchase agreement. The mediation session will be kept confidential and private between both parties and the mediator or attorney involved.
The most important thing to remember when choosing a mediator is to choose someone who is truly neutral. If you want to work with a real estate breach of contract lawyer in Minnesota, you’ll want to choose someone that neither you nor the other party has worked with on the sale to ensure neutrality.
How Both Can Help Resolve Purchase Agreement Disputes
Both negotiation and mediation are great ways to resolve purchase agreement disputes. They give you the opportunity to express concerns over the terms of the original agreement and can help you create new terms that work for both you and the other party.
The terms reached during negotiation and mediation will be legally enforceable and failure to live up to those terms could expose the buyer or seller to an increased risk of breach of contract. If you or another party involved in the sale breaches the terms of the contract, you can legally cancel the purchase and may be able to sue the responsible party for damages.
Do You Need an Attorney?
Technically, you don’t need to work with an attorney during negotiations and your mediator doesn’t have to be an attorney, either. However working with an experienced attorney in either negotiations or mediations can help. Remember, attorneys know which types of terms are legally enforceable and they can give you the advice you need to make decisions that are beneficial to your situation.
Let Waypoint Law Help
At Waypoint Law, we know that purchase agreement disputes can be frustrating, time-consuming, and stressful to deal with. Our experienced real estate breach of contract attorneys in Minnesota will help you figure out the best next steps and can help you ensure that the terms you reach with the other party during negotiation are favorable and fair. Contact us to schedule a consultation.