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.
What if my property has a title defect? What is a title defect? Will a title defect derail my real estate transaction? These questions may be running through your head as you are considering executing a real estate transaction.
When parties agree to a contract, both sides expect that the other will follow through on their end of the bargain . Unfortunately, however, one party sometimes goes back on the deal and breaches the terms. Whether it is a lease dispute or contract for construction, real estate litigation is not usually considered an enjoyable experience to have to enter into.
Real estate law is complex and ever-changing. Bills are constantly being amended, with new provisions being added to existing laws and the nature of certain laws being changed altogether. Keeping up with the fluid, ever-shifting landscape of real estate law can be challenging. However, it is often necessary for those who hope to avoid a real estate dispute or circumvent foreclosure to be aware of these changing laws.
It is not always easy to navigate the Arizona housing market. Whether someone is acquiring land, investing in a commercial development, looking to stave off foreclosure, or is in the middle of real estate litigation or a property dispute, there are likely going to be complex laws involved. Some of these issues can be resolved in a DIY way, but not many. Much that involves real estate law often requires legal expertise.