What to do if you find there is damage to the dream home you’re about to close on? Or that perfect commercial property – just before you close the real estate transaction? You may need the help of experienced litigation counsel. Real estate litigator, Arsen Krekovic of Vancouver’s Hoogbruin & Company explains: Parties may be in doubt as to the steps they need to take in a situation where intervening events have caused damage to the property in the time period between the date that the agreement of purchase and sale is signed and the date that the sale is expected to close.
The agreement for purchase and sale of a property is after all a contract between a buyer and a seller. Both those parties are obligated to take reasonable steps to ensure that the agreement of purchase and sale is closed and that the sale occurs.
You may encounter these points and a real estate litigation lawyer can advise you:
- Damage found before is an issue for property disputes
- These real estate disputes may result in civil litigation
- Accepted convention (and the purchase form) provide that the seller is responsible for the property up until the sale is completed
- The type of damage will be determine whether what seems like a standard agreement of purchase and sale is fair to both the interest of the buyer and the seller applies
- If substantial damage is found to the property, the agreement of purchase and sale may be terminated by the buyer. In this case all funds the buyer paid in deposits are returned to them
Your real estate litigation lawyer can help determine if the damage is substantial enough to permit the buyer to terminate the agreement of purchase and sale. Consult Arsen, your source of legal expertise when it comes to real estate litigation in Vancouver, to determine your best next steps.
An experienced real estate litigation lawyer can ensure your interests are protected as a buyer or seller in a real estate transaction and to avoid disputes or to handle breaches of contract. Click for Hoogbruin & Company post on 3 common breaches.
It is helpful to take into account that in BC’s increasingly competitive real estate market, buyers especially are feeling great pressure to close on property in a timely manner and for reasonable financial outlay. This focus on speed and deal closing can lead to unintended real estate disputes. Legal counsel with expertise can advise parties on the best course of action in their real estate transactions is critical to short term successful acquisition of property and long term peace of mind with the real estate property they purchase.