14 Jan How to Avoid a Real Estate Contract Dispute
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Disputes are possible whenever there is a transaction, and they are also possible in a real estate transaction. There can be many reasons for a conflict between the parties in a real estate contract, but the most common is one party’s failure to understand all of the contract’s terms before signing it. As a result, the party who has not understood all of the contract’s terms can turn around at any time and claim that they have been created.
To avoid such consequences, both parties must ensure that they have carefully read the contract and understand all of its terms. In addition, the parties must ensure that the contract is prepared by qualified lawyers who are familiar with the local real estate market. The contract’s content contains more legal terms that the parties may not understand easily, but the parties must make a genuine effort and allow time to understand the meaning of the contract. The parties may also seek a lawyer’s assistance to understand better the importance of the legal terms used in the contract.
Another primary source of disagreement in a contract is one or both parties’ bias. It occurs when one party attempts to gain an advantage over the other by misrepresenting the facts. If a party attempts to misrepresent the facts to close the deal in its favor, it indicates that the party is not being truthful, and if this occurs, the risk of a dispute increases, and the value cannot be closed successfully. To avoid such situations, it is recommended that both parties are involved and responsible for making the contract in the same way as the other party. Equal participation of both parties in the contract-making process will result in an agreement that benefits both parties and reduces the risk of a contract dispute.
On the other hand, if one party completely delegated the responsibility of preparing the contract to the other party and only appears in the deal at the time of signing, the other party is more likely to skew the contract’s content in their favour. If this occurs, the other party who was careless in accepting responsibility would examine the dishonest act of the other party while enjoying the benefits of the contract. To avoid such a situation, both parties must equally participate in the contract’s preparation with the real estate lawyers and understand the meaning of the terms and conditions written in it.
To learn more about Real Estates Disputes Law visit www.mcguintylaw.com