North Carolina Attorney Helps to Resolve Real Estate Purchase Agreement Disputes Successfully

Purchase dispute lawyer in Raleigh, NC, assists clients in contract disagreements

Buying or selling real estate is a major financial undertaking. Purchase agreement disputes can disrupt a residential or commercial transaction, potentially costing the parties time and money. At North Raleigh Law, I assist individuals and businesses in North Carolina during real estate contract disagreements. My firm also represents clients involved in lease conflicts. You can rely on our experienced lawyers for effective guidance when you are faced with a contract issue during a property transaction.

Types of disputes stemming from real estate contract negotiations

Purchase agreements are contracts that provide the terms and conditions parties must accept to complete a real estate transaction. Once signed by the buyer and seller, these contracts are legally binding. If one party fails to meet the contract terms, a legal dispute may arise. A few common examples of real estate contract disputes include:

• Sellers choosing not to transfer property, possibly because they received a better offer
• Buyers backing out of the deal due to financing issues or other concerns
• One or both parties failing to perform required contingencies by the dates provided in the contract

Before signing a purchase agreement, be sure that you clearly understand your rights and obligations, as well as those of the other side. The same goes if you are entering into a contract to lease a property. I can review the agreement for you and address any questions or concerns that you may have.

How lien and title issues affect property purchases

What if a buyer learns in the title search that there is a lien for unpaid debts on the subject property? The seller is generally responsible for paying off liens before the closing. If this does not happen, the purchase can be canceled. My firm will advise you about your legal options if the home you are purchasing has liens against the title.

What happens to deposits and fees if one party backs out?

If one party backs out of a contract, there might be questions about what happens to the following types of funds that have already been put forth by the parties:

• Due diligence fees — If the buyer backs out, they lose their due diligence fee, which would have been credited back to them upon closing. If the seller breaches the terms of the contract and the sale does not go through, they must return the due diligence money.
• Earnest money deposit — Buyers who cancel contracts before the end of the due diligence period will typically get their money back. However, they will lose it if the due diligence period is over. Buyers may be able to recover earned money deposits, and potentially damages for other losses, when sellers breach contracts.

Every real estate purchase agreement dispute is unique. You count on me for sound, personalized guidance based on your particular circumstances and goals.

What recourse is there if the seller lied about their property?

Sellers in North Carolina are required by law to disclose known defects. If you have not yet closed on the home or other property and are just learning of a known problem that was not disclosed, you may be able to cancel the purchase. If you bought a home or other property and have discovered problems that you believe the seller hid or lied about, I have the real estate litigation experience necessary to investigate the situation and advise you about possible recourse, including filing a lawsuit against the seller to pursue appropriate financial relief.

Contact an experienced real estate purchase agreement disputes attorney for help

North Raleigh Law assists North Carolina property buyers, sellers, lessors and lessees with real estate purchase agreement disputes. To schedule a consultation, please call 919-436-1105 or contact me online.