What are some of the potential hazards to look out for in real estate transactions?
Since real property transactions involve a series of complex issues, a broad discussion of all potential hazards in a real estate transaction is almost impossible. Real property is one of the most complex areas of the law and tremendous care should be taken before beginning a real property transaction. With that in mind, here are some of the more common potential issues: In a residential home purchase, Buyer fails to satisfy conditions in a purchase contract and seller wants to retain buyers deposit. Buyer obtains parcel with intent to use it a certain way only to find out there is a prohibition against the use in a particular city code. Two property owners share a common part of the land but one party actually owns it. The non-owner puts a driveway on the owners land mistakenly believing that he/she actually owns it. Tenant in a business complex desires to put up an attractive sign only the landlord has approval of the final sign and refuses to give his permission arbitrarily. Owner o
