Your dream house has just turned into your worst nightmare! After years of cautious financial planning, extensive research, and countless sleepless nights, you finally make the plunge and purchase your first home. And then, just when you think things can’t get any worse, you’re hit with a dispute over the purchase of your property. With your heart pounding and your nerves on edge, you’re left with no choice but to defend yourself.
But how can you protect yourself if you don’t know what to look for? To help you get a head start, enlisted are four professional tips from a real estate lawyer in Montreal that will help you navigate the murky waters of a property dispute after a home purchase. After all, the worst thing you can do is panic!
So, read on and get your ducks in a row so that you can feel confident and prepared when the time comes to take legal action.
1. Your Attorney Is Not Your Enemy
When you’re involved in a dispute after a purchase of a property, your lawyer is your ally. That’s particularly true if you have full faith and confidence that he or she will work hard for you, trying to get to resolution by any means possible. In fact, it’s one of your most important relationships, so do all you can to keep communication lines open with your lawyer during that time—even when it seems like nothing is happening.
While you should respect that he or she has been hired to do a job and isn’t going to talk about strategy during active negotiations, there should still be ample opportunity for questions and discussion. Your lawyer should be more than willing to listen to your suggestions about how things could go better.
2. Prove Your Standing
Start with your signed purchase agreement. The contract should include an outline of all agreed-upon terms, such as price, down payment, and your obligations if you back out before closing. It will also list which party is responsible for paying various fees and whether there are penalties for backing out.
If you backed out because you were unhappy with how repairs went, for example, then write that into your contract. Make sure all agreements between you and the seller were spelled out and agreed upon. Also, try to obtain statements from contractors on home repair costs so you can prove what those costs were if something comes up later on.
3. Consider Mediation
Disputes can be difficult to resolve, but sometimes they can be worked out more easily than you might expect. The first step is to try and discuss any concerns you have with your real estate agent.
Most real estate agents have experience working through disputes, whether that’s because they’ve been through it themselves or because they’ve helped others navigate their way through a dispute. This means that they may have valuable information about what has worked for other buyers and sellers, as well as suggestions for moving forward on your own.
If you still feel at odds with your agent after discussion, consider taking advantage of mediation services offered by local real estate boards or via a professional mediator.
4. Get Legal Advice & Support
Before you even get started on your purchase, get legal advice on any contracts or deeds you are expected to sign. Even if it’s just an informal heads-up, you’ll learn about potential problems ahead of time and be able to ask all your questions.
Before signing any formal documents, meet with an attorney who can go over everything with you so that there will be no surprises later on. This is especially important when buying property in another country where laws might be different than what you’re used to.
Knowledge is Key
In conclusion, if you have to enter into a transaction where you will be purchasing real estate from another party, especially if they are living outside your state, it’s very important that you know what your rights are and how to protect yourself. If something goes wrong, then there are measures that can be taken to ensure that justice is served and that your financial well-being is looked after.
Do not hesitate to consult with a qualified attorney who specializes in these types of cases. Boasting their decades of experience in real estate law, they will certainly be able to walk you through whatever legal concerns or questions may arise when dealing with transactions involving purchases of property.