Often, buyers and sellers need help from skilled attorneys to handle any problems that might arise during a real estate transaction in Glen Burnie.
Navigating complex real estate dealings alone could result in buyers and sellers alike wasting valuable money, resources, and time. Common real estate disputes include failure to close, escrow issues, failure to disclose latent defects, and boundary disputes. Addressing problems promptly is crucial. Some real estate disputes arise out of contract breaches. Should this happen, the affected buyer or seller could leave the transaction without facing negative consequences. Protecting yourself in property transactions by including the appropriate caveats in contracts is crucial, and our lawyers can help you do this from the get-go of a transaction in Glen Burnie.
For a free case review from the Heyman Law Firm, call our Glen Burnie, MD real estate lawyers now at (410) 305-9287.
Addressing Common Real Estate Disputes in Glen Burnie, MD
Real estate transactions are complicated, and issues might arise at any point during the process. As a buyer or seller, protecting your interests during a sale is crucial so you safeguard your money and resources. Our lawyers can help you navigate various real estate issues and disputes, from escrow issues to boundary disputes.
Failure to Close
By the time you get to your settlement or closing date in Glen Burnie, you likely have invested considerable time and money in the transaction, whether you are a buyer or seller. If one person has a change of heart and wants to back out of the sale, this can present issues. For the buyer, changing their mind could result in losing good faith funds. For the seller, losing a sale could restart the entire process, which means more money and time on their behalf.
If a sale falls through, it may be because one party breached the contract. When you sign a real estate agreement, you can include stipulations that give you a way out if a problem arises and you need one. For example, as the buyer, you can require inspections and, based on the result of those inspections, renegotiate seller concessions. If you do not close the deal because of the results of property inspections, you should get your earnest money deposit back. If the seller gives you an issue with this, our real estate lawyers can review your contract and determine whether or not you had a valid reason to back out of the sale.
As the seller, you are also protected by the real estate contract. If the buyer has a change of heart and breaches the contract by backing out of the sale without a valid reason, you may get the buyer’s earnest money held in the escrow account.
Escrow Issues
Escrow is the period after a buyer gives earnest money to show their commitment to the purchase but before the sale is officially finalized. During this time, earnest money is typically held in an escrow account; the buyer will get it once the purchasing agreement is signed. This protects both buyers and sellers alike in Glen Burnie. For buyers, the money is protected and can be returned to them if there is a breach of contract or a valid reason to walk away from the sale. For sellers, the earnest money acts like collateral, almost an insurance policy, ensuring they will get some funds if the sale fails for a contract breach.
During escrow, you can appraise and evaluate the property to ensure a fair purchasing price. If the appraisal is far lower than the purchasing price, sellers might want to renegotiate the sale. If a seller does not have the proper financing before entering into escrow, disputes might also arise during this time.
Failure to Disclose Defects
When purchasing a property, buyers want to know all the details. If a seller fails to disclose serious issues with the property and the buyer unearths these issues during inspections, problems might arise. Failed inspections are typically good enough reasons to leave a sale, and buyers often get earnest money back in these situations.
According to Md. Code, Real Prop. Art., § 10-702, certain sellers must disclose latent defects that could directly harm a buyer’s health and safety in Glen Burnie. Latent defects are those that are not discoverable through average property inspections. For example, this might include issues such as faulty electrical wiring, mold, or insect issues. If a seller does not disclose latent defects before signing the purchasing agreement, the buyer might have recourse in the future should they discover them.
This rule only applies to certain property transactions, and sellers do not have to disclose latent defects in single-family homes built within the past year and never occupied. Our lawyers can assess the seller’s responsibility to disclose latent defects based on the real estate transaction in question.
Boundary Disputes
Property boundary disputes could even deal with encroachment, creating issues for property owners. Boundary disputes might arise when documents conflict with one another. This is a common issue among neighbors, where one might encroach upon the other’s property line, sometimes without their knowledge. For example, if one property owner’s deed contains conflicting information with another’s, the problem might be exacerbated. Our attorneys can carefully review deeds and titles and help property owners document encroachment so there is evidence should the issue continue.
Easement disputes could also fall into this category of real estate issues. If one neighbor believes they have the right to use a piece of property because of an easement, but their actions are actually bordering on encroachment, the other neighbor might raise the issue. Addressing these issues quickly is important, especially if someone else is encroaching on your land in Glen Burnie.
Call Our Glen Burnie, MD Lawyers for Help Today
Call our real estate lawyers now at (410) 305-9287 for a free case assessment from the Heyman Law Firm.