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What are some common issues that arise during a real estate transaction that I should be aware of as a seller or buyer?

Picture of Chris Battis By   ·  1 minute read

As a lawyer, I can advise you that there are several common issues that may arise during a real estate transaction. It is important for both sellers and buyers to be aware of these issues to ensure a smooth and successful transaction. These issues include:

  1. Property condition: Buyers need to be aware of any defects or issues with the property they are buying. If the property has any defects, the seller is required by law to disclose them to the buyer. Sellers should also ensure that the property is in good condition before putting it on the market to avoid any issues down the line.
  2. Title issues: The title to a property is the legal document that proves ownership. Title issues may arise if there are problems with the chain of ownership or liens on the property. Buyers and sellers should conduct a title search to identify any issues and ensure clear ownership of the property.
  3. Financing: Buyers need to secure financing to purchase the property. This process can be complicated and may involve issues such as credit checks, appraisals, and negotiations with lenders. Sellers should be aware of this process so they can be patient and cooperative in order for the transaction to be completed.
  4. Inspection issues: Buyers may insist on having a property inspected, and inspection may reveal issues that need to be resolved before the sale can proceed. Buyers and sellers should work together to negotiate on how to address these issues with acceptable solutions.
  5. Zoning and land use issues: Zoning laws and regulations may affect the use of the property. Sellers and buyers need to ensure that they are aware of the zoning laws and regulations in order to avoid conflicts with local authorities and possible violation of laws affecting the property.

In conclusion, both buyers and sellers should be aware of the potential issues and seek legal advice if any issues arise during the real estate transaction. However, most of these issues can be addressed with effective communication and cooperation from both parties. It is always advised to consult with an experienced attorney to seek guidance in addressing these issues.