Home buyers who purchase a real estate property with no conditions may find themselves with problems they only discover after moving in or taking legal possession of their new home. The practice of bidding with no conditions on the seller are more prevalent in the current highly competitive market. To resolve their issues buyers seek help from experienced real estate litigation lawyers like Arsen Krekovic at Vancouver’s Hoogbruin & Company.
Pressure on buyers to act fast in British Columbia’s hot real estate market is one reason the trend to seek recourse through litigation is growing. It is a direct result of the more frequent practice by buyers, often encouraged by real estate agents who have seem real estate transactions fail without the growing practice. Problems, however, do happen when sellers are not subject to inspections, so that buyers have an edge in their offers being accepted ahead of competition for the reason estate property, and not rejected.
Buyer Beware in Real Estate Law
Real Estate Law has as one of its principles: ‘buyer beware.’ So consumers who take on inherent risk such as eliminating conditions may simply end up being stuck with the mess they are mortgaging.
The Canadian Real Estate Association reports that not only is the market heated, but the average selling price of a home is also reaching new highs.
It seems that offers are often submitted, not only without conditions but with house interiors not even seen in advance.
Naturally, excitement at ownership, be it a starter home, condo or dream family home, can sour with discoveries of problems. It may be something as serious as the foundation or some other structural problem at issue.
There may be little legal recourse in this real estate market in Vancouver.
Can a real estate litigation lawyer help after discovery of problems with a purchase?
Buyers who do not put conditions on real estate offers, risk these impacts:
- The home may be lost to another buyer
- Finances may fall through
- Buyers may face a lawsuit due to breach of their agreement to buy the property
Market conditions change. An experienced real estate litigation lawyer can help home buyers navigate the changing consumer response to these market conditions. The new practices may not favour the buyer eager to find and settle down in a home they can invest in and call their own.
There are also other fine points of the law that Arsen Krekovic can counsel you on with regard to real estate transactions that include advice on pre-offer inspections that buyers may feel will protect them. These issues will be part of future posts.
If you need help now with current real estate transactions reach out to the experience litigation lawyers at Hoogbruin & Company, located in Vancouver and serving the Lower Mainland.