What Are Some Potential Resolutions To Real Estate Issues?
When there is a title dispute or a title defect, oftentimes, following the tender of the claim the title company can be compelled to “take action” and solve the problem. For instance, there is no access to the property. An example is where a neighbor has decided that they are going to cut off the road that the other neighbor has been using for 20 years. That is a clear problem affecting title. The title insurance company may go as far as to go and talk to another neighbor, buy access to the property, record an easement, and make another road, at the title insurance company’s expense.
Perhaps there is a property line agreement that is reached, where an encroachment is temporarily allowed and it can be removed upon notice. Of course, there are always obvious solutions, where you go to court and sue for damages or injunctive relief. For the sale transactions, there is rescission, where the sale is simply unwound and the property goes back to the owner. The buyer will receive their money back. There are damage cases too, where the seller will sue the buyer, or the buyer will sue the seller, or neighbors will sue one another. In those cases, there is availability for the damages, the damage’s remedy that is issued by a jury or a judge, or the availability of equitable remedies, where the court will decide on how to remedy the issue at hand.
Should I Use The Standard Listing Agreement Contracts Provided By Realtors To Buy Or Sell A Property Or Should I Use A Custom Agreement Created By My Attorney ?
I recommend using standard agreements, but with modifications. For instance, you may wish to remove arbitration and the availability of attorney’s fees. I believe that those sections create litigation, where perhaps the parties would settle it otherwise. Also, be aware that the sellers may insist that a certain title insurance company be used. You do not have to agree to this and may remove it from the agreement.
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