Real Estate Litigation
The sale and purchase of real estate can be straightforward. However, the agreements for purchase and sale made between seller and buyer are complicated; they involve large amounts of money and strict timelines.
When to Find a Property Lawyer
Both buyer and seller have obligations to be met by the closing date, and if either party fails to close the transaction, disputes arise and real estate litigation might be necessary. Where one party is ready, willing and able to close a deal on the scheduled date and the other party is not, the agreement may be seen to breached or repudiated. Failure to close can be the fault of buyer or seller.
Where buyers are concerned, the most common problem is a failure to secure appropriate funding prior to the closing date. Especially in Toronto and Vancouver’s hyper-competitive real estate markets, agreements of purchase and sale are often made without condition. Where a buyer does not make it a condition of closing that adequate financing be secured, then a failure to get that financing will likely result in real estate litigation.
Where the seller is concerned, the problem is often a failure to satisfy a necessary condition prior to the closing date. For example, a seller might fail to provide clear title to the property, as promised. Issues requiring litigation arise even after closing. Previously unnoticed defects in a house may give rise to a claim against the seller for misrepresentation. If the home is new, such defects may also give rise to a Tarion Warranty Claim, which covers certain defects up to $300,000.
Real Estate Litigation Lawyer in Toronto and Vancouver
The real estate litigation lawyers at Sue Chen Lawyers have extensive experience dealing with claims arising out of failed closings, and have successfully represented both buyers and sellers.
If you were the buyer or seller of a property that failed to close, or if you think you might need advice and representation concerning any other aspect of a real estate transaction, contact Sue Chen’s real estate lawyers to discuss your options.