In real estate, written contracts exist so that both parties are fully aware of their obligations in the transaction. However, when one party does not uphold their end of the contract by failing to fulfill the obligations outlined within the contract, this is known as a breach of contract. There are different ways a breach can happen: the party may not have fulfilled their obligations in a timely manner, the party may have performed these obligations in a way that did not meet the terms of the contract or the party may have not performed the obligations at all. In all of these cases, the non-breaching party is entitled to sue the other party for compensatory damages. The exact amount and kind of damages is dependent on the facts of the case. There are also other remedies, such as specific performance, in which a court requires the breaching party to fulfill their obligations according to the contract.
If you are an Arizonan, then you have likely entered into a real estate transaction at some point with your eyes open, meaning you were aware of the condition of the property, any restrictions or covenants existing with the property, and you might even be aware of some of the property's history. But you should be aware of any existing easements prior to purchasing a property, as well. Despite the awareness of an existing property restriction or easement, however, it is possible that a real estate dispute may arise down the line, as this blog reported in a previous post.
An Arizona homeowner may think that once he has purchased a home, he has the freedom to do what he wants with the property. In reality, that is not always the case for a number of reasons, one of which includes deed restrictions.
There are many ways that a real estate dispute might arise between neighboring Arizona property owners. One common source of discord is the presence of an easement. An easement grants the owner of the easement the right to use another's land for a particular purpose, but not the right of possession.
Landlords and tenants alike may enter into a lease optimistically, hoping for a beneficial and amenable relationship. Frequently, landlords and tenants do have successful relationships, but, as Arizona residents are undoubtedly aware, sometimes lease disputes arise between the parties. This often makes legal actions necessary. It may help prospective or current landlords and tenants to be aware of some of their particular rights and obligations.
Many in the real estate business may think of the ideal real estate transaction as a "win-win" situation. A seller obtains what they want - the sale of a piece of property, and a buyer obtains what they seek - a desired piece of property for their home or business. Fortunately, most Arizona real estate deals do follow this pattern and parties negotiate and execute a smooth transaction.
Arizona homeowners typically expect that they will have full use of the property they rightfully own. They will likely hope for positive relationships with their neighbors, and that neighboring properties can coexist peacefully. Unfortunately, however, some Arizona property owners may not be respectful of their neighboring property owner's rights, and may, in some instances, encroach on another's property. An encroachment occurs when a property owner constructs a structure that intrudes on or over another's property. Such an action may lead the property owners to find themselves involved in a real estate dispute.
A real estate transaction involves some degree of risk. Ideally, through, thorough preparation and effective negotiations, any risks are minimized and a transaction is executed without bumps in the road. One way to prevent potential complications, such as property disputes, is through the purchasing of title insurance.
An Arizona property owner may think that when he purchases a piece of property, he owns it until he sells it, and that is typically the case. A property owner who neglects his property, however, may find himself in an uncomfortable position if another claims ownership under adverse possession.
Real estate transactions may be thought of as "win-win" transactions. The selling party gets what it wants -- the sale of a piece of property and financial compensation, and the buying party obtains a desired piece of property. Sometimes, however, a transaction may not go as planned and for any number of reasons either a buyer or seller decides to back out of the deal.