Home sellers in any real estate market hope for the best outcome in the sale of their residential property. Vancouver’s bustling market is no exception but for the recent downturns and volatility which raise concerns over pitfalls. One family chose to compile a checklist based on their research, to avoid pitfalls and was prepared to know when they might need to take the step of consulting a real estate litigation lawyer when they hit a bump in closing a prospective deal. First, let’s benefit from their checklist and then note the situation they took to Arsen Krekovic, experienced real estate litigation counsel in Vancouver.
Vancouver home sellers’ proactive steps on listing their residential property for sale
They took care to complete an accurate disclosure about their property to potential buyers
Disclosure is important about any ‘known’ defects, repairs, or issues that may affect the property’s value or desirability. There is a risk of future legal disputes on this point, whereas honesty and transparency on disclosure can help mitigate this risk.
They hired a professional home inspector to assess their property before listing it for sale.
This step can help identify any underlying issues that need attention or repairs. Any real estate professional will confirm to a home seller that addressing these issues proactively can enhance the appeal of your home and reduce the chances of potential legal disputes after a buyer’s inspection.
Accurate listing information
The information they provided on their property was accurate and included features, dimensions, and amenities and was up to date.
Legal complications can arise if there is misrepresentation or false advertising. Best to present the property honestly and accurately.
The professional support they enlisted included a real estate agent, an appraiser and lawyer to handle the expected transactions and for some specific issues, they engaged a real estate litigation expert.
While these measures can help mitigate risks, real estate transactions can and do involve unforeseen circumstances and unique challenges. For the Vancouver couple selling their residential property and issue came up in their contract negotiation.
They found that working closely with their real estate agent to negotiate the terms and conditions of the sales contract, was helpful. When they ran into a more complex contract, they looked to a litigation expert to protect their interests. Arsen Krekovic, offered personalized advice based on the current market conditions and local regulations and was able to resolve their issue.
The potential issues are generally found in the contingencies, timelines, and financial matters. In his practice, Arsen Krekovic, sees several points of disagreement and dispute with buyers when he represents the sellers of real estate property.
Here are a few of the most common scenarios where sellers benefit from advice and representation from a real estate litigation lawyer in Vancouver:
- Breach of contract: This is where the buyer fails to fulfill their obligations as outlined in the purchase agreement. This includes situations where the buyer fails to provide the agreed-upon funds or the seller fails to deliver the property as specified.
- Disputes over property condition: A buyer may allege that the property was misrepresented. Undisclosed defects may be discovered after the sale. Each of these cases can lead to disputes and a litigation lawyer can assist in assessing the validity of the claims, negotiating a resolution, or representing the seller in court if necessary.
- Title issues and encumbrances: Disputes or issues related to the property’s title, such as competing ownership claims, undisclosed liens, or easement disputes, require a real estate litigation lawyer to help navigate these complexities.
The process starts, naturally, with a review of the title documents, the research of legal precedents, and then the lawyer proceeds to advocate for your rights and interests.
- Failure to disclose material information: The accusation of failing to disclose material information about the property that could impact its value or desirability, may lead to legal disputes. At this point a litigation lawyer needs to be consulted to help defend against such claims and protect your interests.
- Boundary disputes or rights-of-way: Negotiation, mediation or litigation by an experienced real estate litigation lawyer, may all be possible pathways to resolve disagreements over property boundaries, access rights, or easements.
Disputes may even arise with your real estate professionals such as your agent, broker, or any other professional involved in the transaction. If you believe you have suffered financial harm or misconduct due to the actions or negligence of these professionals, a litigation lawyer can help you explore your legal options.
Consult with Arsen Krekovic and the litigation lawyers at Hoogbruin & Co, early on if you suspect or encounter any issues during the selling process. They can provide you with legal advice, assess the strength of your case, and represent your interests in negotiations or court proceedings if needed.
The Vancouver couple’s checklist and encounter with a dispute is not an exhaustive list, and specific circumstances may require additional legal expertise. Get the legal guidance you need, tailored to your situation, today!