Purchasing real estate is more complicated than the average transaction. It requires contracts, inspections, financing and a great deal of knowledge you may not have.
With all these factors involved, disputes happen. Usually, they involve something with the contract, real estate title or disclosure. See below for a brief overview of the typical home sale disputes, so you might be better prepared to deal with one should it arise.
Real estate contracts must be in writing. However, even if you have a professional draw up the agreement, the other party might interpret the contract differently than you intended. A home inspection might reveal something one party considers a significant concern while the other does not. A court might need to resolve the issue.
You might encounter a title dispute even after a professional survey and title report. A title report includes the property’s boundaries, which can significantly affect your decision to purchase a home. An inaccurate assessment might lead to future disputes over the purchase.
According to Indiana Code § 32-21-5-10, the owner must submit a disclosure form detailing any significant defects. Still, even professional inspections might fail to find every defect or harmful condition. Though the burden is on the seller, it is in the buyer’s best interest to conduct their inspection.
There are many potential areas for disputes in real estate transactions. Whether you are a buyer or a seller, spending time to make your contracts and inspections as detailed and professional as possible will help reduce the likelihood of an issue.