Real Estate Transaction Issues
Florida Legal Malpractice Attorneys
When closing a deal on any real estate purchase, you likely expect everything to go through without a hitch. Unfortunately, that isn’t always the case. From time to time, an issue may arise. Usually these issues are due to unforeseen financial problems or the seller backing out. Outside of this, there are some real estate transaction issues that can give rise to a claim for legal malpractice. Talk to our legal malpractice attorneys now, to see how they can help you.
It’s good to understand the many different real estate transaction issues that people face today. Here are a few issues that you may have encountered:
Seller Didn’t Have Authority
Sometimes an individual lists a property and attempts to sell it. However, when it reaches time to close the deal, you find out they never actually had the authority to sell. Maybe the bank still owned the property or the property is in the name of someone else. Whatever the issue, if they don’t have the authority to sell, you can’t buy it from them. Clouds on ownership or title can obviously affect your ability to own and transfer the property.
Zoning is Inconsistent
Perhaps you have a specific intent for the property. While you may initially think this is a “buyer beware” issue, oftentimes you have stated your intent before buying the property. If the zoning is inconsistent with your intent, you may not be able to use the property as you had planned, or the property may be or become less valuable than you had anticipated. Sometimes this issue is due to a failure, by your real estate agent or lawyer, to understand your intent or include it in the appropriate legal documents.
Lack of Legal Description
When buying a property, the sales agreement must contain very specific legal descriptions of what is being transferred. The description should be iron-clad, so that aspects of the purchase cannot be interpreted as meaning something else. If there is a lack of appropriate legal description in the legal documents, the purchase or ownership may be in jeopardy.
No Good-Faith Money
If you are selling a property, it is typical to receive good-faith money, also known as earnest money or an initial down payment, to show that the potential purchaser is actually interested in buying the property and not just there to waste your time. Not receiving this good-faith payment increases the likelihood that there may be an issue with the real estate sale.
Real estate transactions problems occur all too often.
If you (or someone you know) has been wronged by a real estate attorney or company, contact our Florida legal malpractice attorneys today. We are always happy to help.