Real estate purchases are big transactions for both the buyers and sellers of the homes. There are many aspects of home purchases that people on both sides of the sale need to consider before agreeing to the terms. There are usually tours of the home, negotiations and inspections that occur prior to closing.
As these are major purchases, both sides want to ensure they are getting what they believe they should receive. If the process does not occur the way that the parties think it should or they believe they were misled in some way, it can lead to disputes.
Disputes with real estate agents and more
One dispute that can arise is between the buyers or sellers and their real estate agents. The agents have a duty to act in the best interests of their clients. If a buyer or seller believes that the agent was not acting in their best interests during the negotiations, they may start legal action.
Disputes can also arise between buyers and sellers if the buyers believe that the seller failed to disclose material facts required by the seller disclosure laws. The buyers usually do not find the failures to disclose until after the purchase though, which can lead to complicated legal action.
Another common dispute concerns the deposit or earnest money. If the deal falls through after a deposit is made, disputes can arise about who will keep the earnest money, the buyers or the sellers.
Given the large amounts of money involved in home purchases in Tennessee, if one party feels they were wronged in some way during the process, a dispute can arise quickly. These can lead to contentious and complicated legal matters. It is important to understand the requirements of the agents, sellers and buyers when completing real estate transactions