Types of Disputes in Real Estate
Disagreements on matters of real estate are not new. Different ideas and policy decisions are the perfect ground for conflict and disputes in real estate to thrive. On the flip side, when real estate disputes are resolved amicably, all parties are at peace with each other.
The disputes in real estate include the following:
The dispute regarding the title of the property- In order to avoid fraud, the title of the property should be genuine. Additionally, verify the documents with the help of legal counsel. Furthermore, liaise with real estate agencies to acquire title insurance in case of property fraud.
The dispute between builders and developers- Conflict and dispute are common when the property is demolished to “create room” for development and infrastructure. The main cause of conflict is delayed demolition notices. This makes compensation a herculean task. Unfortunately, during demolition, property worth millions of shillings have been vandalized.
The dispute regarding the will and Inherited property- Dispute of a huge magnitude arises when one inherits property and others challenge the legitimacy of the will. Conflicts also occur when the “owner” of the will dies or does not update his or her will. Succession law deals with issues surrounding will and property inheritance.
The dispute between landlord and tenants- At a time when landlord and tenants do not have a “fair playground” regarding housing issues, the conflict will surely be evident. For example, increasing rent without prior notice affects the tenant’s financial plan. Additionally, moving into a house that has not been renovated to the standard and does not match the financial value of what the tenant is offering also causes conflicts.
Incomplete information- Information not disclosed by the property owner is recipe for disaster towards the property purchase. Incomplete information in the realty world is in areas such as lease agreements, fake titling documents, financial fraud, poor renovation and impulse buying of property without due diligence.
In conclusion, most disputes are solved amicably when disclosure of everything is transparent, honest and legitimate in the real estate agency.