Things for Buyers and Sellers to Remember When Things Go Wrong with Their Real Estate Agreement

It’s not uncommon for things to go wrong during the real estate process – after all, it’s a complex transaction with many moving parts.

While most disagreements can be worked out between the buyer and seller, there are some instances where things can get heated and legal action may be necessary.

Hiring a real estate lawyer in Fort McMurray, Alberta, can be a wise choice. However, in case, you are doing it all by yourself, make sure to follow the right way. If you find yourself in a situation where you’re not able to come to an agreement with the other party, here are five things that you should remember:

1. You can’t force the other party to do anything

If you’re the buyer, you may be tempted to withhold the purchase price until the seller agrees to make repairs or fix other issues with the property.

However, unless there’s something in your contract that allows you to do this, you’re not legally allowed to withhold payment.

The same goes for sellers who may want to keep the buyer’s deposit if they back out of the deal.

It’s important to remember that you can’t force the other party to do anything they don’t want to do – you can only take legal action if there’s something in the contract that allows you to do so.

2. You can’t cancel the contract just because you changed your mind

Buyers and sellers often get cold feet at some point during the process – but that doesn’t mean you can cancel the contract.

Once both parties have signed the contract, you’re legally obligated to follow through with the deal unless there’s a clause that allows you to back out (such as a financing contingency).

If you back out of the deal without a valid reason, you could be sued for breach of contract.

3. You need to be honest about any problems with the property

If you’re a seller, it’s important to disclose any and all problems with the property to the buyer.

Failing to do so could result in legal action being taken against you, as the buyer could argue that you committed fraud by not disclosing the issue.

It’s also important to be honest about your intentions for the property. For example, if you tell the buyer that you’re selling because you’re moving out of state, but your real intention is to flip the property, the buyer could argue that you misrepresented the property.

4. You need to consult with an attorney

If you find yourself in a legal dispute with the other party, it’s important to consult with a real estate lawyer in Cold Lake, Alberta.

They can review your contract and advise you on the best course of action.

Remember, even if you do have a valid legal argument, going to court can be time-consuming and expensive – so it’s always best to try to work things out with the other party first.

Conclusion

Overall, it is important for both buyers and sellers to remember a few key things if something goes wrong with their real estate agreement. First and foremost, it is important to communicate with each other and try to come to a resolution that is agreeable to both parties. If necessary, seek the help of a mediator or real estate attorney. Additionally, it is important to be aware of the legal remedies available to both buyers and sellers in case of a breach of contract. Finally, it is important to keep calm and avoid making any rash decisions that could end up costing both parties more time and money in the long run.

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