Whether you are buying or selling a home, it is important to be aware of some common disputes that can disrupt a real estate transaction. A dispute can lead to delays, serious financial setbacks and legal consequences.
Here are a few common problems when handling a real estate transaction in Ohio:
1. Undisclosed property damage
Home sellers are required to reveal known defects with a home when completing the Residential Property Disclosure Form. These issues may impact the foundation, plumbing, HVAC or other crucial parts of a home. If a seller doesn’t disclose known issues, then it can impact the value of a home. However, sellers may not know about major defects with a home. This is why it is often important to have an inspection done before closing on a house.
2. Zoning disputes
When buying land to build a home or business, it is important to review local zoning regulations. Local zoning regulations determine how land can be used for residential or commercial purposes. If a project violates a zoning law, it can lead to serious disputes that delay projects and can create legal issues.
3. Real estate transaction breaches
A contract helps define each party’s role during a real estate transaction. A real estate contract may require a seller to make adjustments to a home, cover the costs of a property inspection or appraisal or pay for additional expenses. However, if a seller refuses to follow a real estate contract, then they may be in breach. A contract breach may require a court to enforce the contract.
Professional legal guidance can help you avoid these common legal mistakes and help you explore ways to protect a real estate transaction.
