Buying a home can be one of the most exciting purchases you’ll ever make. But it requires far more than just paying the seller and closing on the property. To make sure everything goes according to plan, you’ll want to enter into a legally binding purchase agreement. In most cases that agreement is upheld by both the buyer and the seller, but sometimes things go awry, and you may find yourself facing a dispute. Here are some of the most common types of purchase agreement disputes that your Minnesota residential real estate lawyer wants you to know about.
The Common Purchase Agreement Disputes You May Encounter
Every sale is unique and though most go off without a hitch, some may encounter a few snags. The exact disputes you may run into will depend on the conditions of your sale and your purchase agreement, but these are some of the most common and most troublesome.
Breach of Contract
A breach of contract occurs when at least one party to the purchase agreement violates the terms of that agreement. Some frequently seen types of breaches include the following:
- The seller failing to make promised repairs prior to closing
- The buyer backing out of the purchase
- The seller failing to deliver the title and deed to the buyer
- Both parties disputing who is responsible for which closing costs
- The property not passing the home inspection
These are just a few of the most common breaches Minnesota residential real estate lawyers see on a regular basis. While breaches of contract may not completely ruin the possibility of buying the home you’re interested in, they can be difficult to navigate on your own. An attorney will be able to represent you and help you reach a fair resolution.
Misrepresentation
Occasionally sellers or their real estate agents may effectively lie about a property’s details. For example, some may say the property is significantly larger than it is or they may claim a specific home feature has been updated recently when it hasn’t and needs work. Situations like these are considered misrepresentations. While there is some burden on the buyer to verify all claims, misrepresentation can be a major issue and could require legal help to remedy.
Claims Against Real Estate Agents
Real estate agents are expected to look out for the best interests of the buyers and sellers they’re representing. But that doesn’t mean they do every single time. Some real estate agents may represent both the buyers and sellers in a purchase in what’s known as dual agency. Though dual agency is legal in Minnesota, it can represent a conflict of interest for both parties. This is why real estate agents are legally required to tell buyers if they’re also representing the seller. If they fail to do so, you may need to file a claim against them.
Fraud
Though it’s relatively rare, there may be instances where someone involved in the sale of a property commits a type of fraud and makes it impossible for the sale to move forward. One of the most common, albeit still rare, types of fraud occurs when sellers try to sell properties that they have no legal right to sell. This may happen when a relative tries to sell a home for a loved one without their consent or when someone sells a property that they own with someone else without getting permission from the co-owner.
Work With a Minnesota Residential Real Estate Attorney
If you’re worried about making sure that a home purchase goes through without any issues, the best thing you can do is work with a residential real estate attorney from the very beginning. They’ll be able to make sure the sale can happen and are ready to help you if you run into any of the above disputes in the process. Contact us today to schedule a consultation and see how the team at Waypoint Law can help.