Whether you buy a gallery in the Fairmount area, a condo in the upscale Rittenhouse Square neighborhood, or a cute little bungalow in up-and-coming Fishtown, an investment in Philadelphia, PA real estate can be very lucrative.
Unfortunately, real estate purchases are complex and there are problems a person can run into when they buy a home in the City of Brotherly Love. You will need the assistance of an experienced real estate attorney in Philadelphia.
The attorneys at Stoner Law have years of experience in Philadelphia real estate law. They can guide you through the process of purchasing or selling property and they can handle any disputes that you might have with the buyer or seller.
If you plan on renting out a property, our attorneys can provide you with an experienced and hard-working landlord and tenant lawyer.
Typical Property Disputes
There are several disputes between buyers and sellers that litigation attorneys see over and over again. Fortunately, real estate attorneys should be able to negotiate deals with one another on behalf of their clients. Our lawyers can mediate disputes between Individuals in real estate businesses as well.
There are four types of disputes that Stoner Law and everyone else in the real estate business see over and over again.
Breach of Fiduciary Duty
A real estate agent is a trained licensed professional who is supposed to act as a conduit between buyer and seller. They have a duty of care to act in their client's best interest. When they do not act in this manner, they are considered in breach of their fiduciary duty to their client.
A real estate agent must perform comparative market analysis, advertise the property on behalf of sellers, and make offers on behalf of buyers. They can also handle mediation between lenders and buyers.
A real estate agent breaches their duty if they do not make a seller aware of every offer they have received on a property. They must also make potential buyers aware of any defects on a property that they are selling. For example, if the plumbing needs to be replaced, a real estate agent must disclose that fact and the potential cost of fixing it before they make an offer to the seller on the buyer's behalf.
A real estate agent may represent both the buyer and the seller. However, both the buyer and the seller have to be aware of this fact. If it is kept a secret, the real estate agent is in breach of duty.
The real estate agent is never allowed to give out any kind of personal information without their client's consent. They should never accept offers on the client's behalf without consulting them first. If this occurs, hire a lawyer to represent you. You may be able to win a lawsuit over this.
Failure to Disclose Defects in the Property
When a person gets ready to sell a piece of property, they need to disclose anything that needs to be repaired to make that property livable. If they list something as an amenity on their property and that amenity needs to be repaired to work, they must inform any potential buyers of that as well. If they do not, it is considered a failure to disclose defects.
In many cases, the seller can simply repair the defect themselves before a sale goes through. Reducing the amount of the sale by the amount of money it will take to repair whatever it is that is defective also works.
If the sale has already gone through and you discover a defect, you should consider arbitration or filing a lawsuit with the help of specialized attorneys. In some cases, this can be a very serious dispute. A defect can cost you thousands of dollars and decrease the value of your property especially if you intend to sell it, rent it, or use it for commercial purposes such as a retail business.
Our law firm assists clients who need to go to court over such disputes. Our attorneys will research the property and the costs of repair. We will figure out the total amount of the money they owe you and not just the cost of repair. This may include the profit you have lost while waiting for the repairs to be made or the loss of the enjoyment of your home. We have trained litigation lawyers who have great track records in court.
Breach of Contract
You will always sign a binding contract during a real estate transaction. Any contract you sign should be airtight with no room for interpretation. Your contract should include details about every portion of the real estate sale including:
- Purchase price
- Property description
- Financing
- Contingencies
- Closing date
If you are selling a property, it is very important to get an attorney to make a contract specifically for you. You should never buy a contract to sell a home from a random online site. If you are buying a home, you should always have a Philadelphia, Pennsylvania attorney look over the paperwork before you sign anything.
If one of the parties fails to adhere to the contract, it is grounds for a civil action and you should contact a litigation lawyer. The attorneys at Stoner Law provide outstanding litigation services. In addition to handling home sales, they also handle both residential and commercial leases.
Property Line Disputes
Before you can purchase a home, you are going to have to do a title search to make sure that the sale can legitimately go through. The search will reveal the exact parameters of the property. It will also reveal if anyone has a lien on the home or if back taxes are owed on it.
If the garage of a home is hemorrhaging onto a neighbor's lawn, you may want to consider a different home. You would have to modify where the garage is located to legally purchase the property. The seller will have to pay off any back taxes owed before they can sell the house. An attorney can research property for you. Simply let us know during your free consultation and we’ll get right to work.
Why Hire Us?
The three litigation lawyers who work at Stoner Law have many years of experience in estate administration. They will always look out for the interests of their clients. We can also provide you with a Philadelphia foreclosure lawyer If you are facing eviction from your home. Call our office for a free consultation today.