Common Reasons for Real Estate Lawsuits
There are a variety of reasons for real estate court cases. The most common causes include breach of contract, breach of fiduciary responsibility, partition, and real estate fraud, boundary disputes and quite title. How is it possible to determine if the reasons for actions are appropriate to your own property litigation and what can these various legal terms mean?
Breach of Contract
As a real estate and land law attorney in Coachella Valley, among the most typical causes of a real estate proceeding in California and across the country, is the failure to fulfill the requirements of a contract. In many cases the breach may be the result of a verbal or written agreement between two parties. The deal can encompass an agreement to buy or lease a property. Another type of agreement is a partnership agreement, in which one or several parties have made a guarantee to another party.
How a Coachella Valley Real Estate Attorney Helps
In the case of a contract breach, the claimant must demonstrate that the defendant failed to execute the agreement. The plaintiff has the right to recuperate compensation for damages. This is the most typical reason for a property litigation performed by a Coachella Valley real estate attorney.
Specific performances are frequently used in addition to a contract breach. Specific performances are an extension to a claim even though the prosecuting party is entitled to damages due to the breach in contract. Specific performance requests that the court requires the party to execute the agreement as arranged. The law allows specific performances due to the presumption that real estate is exceptional and that the damages may not adequately compensate the party. For instance, in a sale and purchase contract, if a party agrees on a contract, yet refuses to sell at a later date, the buyer can force the sale of the property in court requiring the vendor to complete the sale.
Partitions apply to individuals who co-own a property, while breach of contract relates to fiduciary duty in a joint venture pertaining to real estate property. The most common form of real estate partnerships are formed as a LLC or limited liability company. These real estate partnerships are run through a partnership agreement or an operating agreement for LLCs.
A violation of the partnership arrangement can be a seen as a failure to meet contractual obligation. These agreements require a higher level of obligation and the violation of fiduciary duties results in a dispute. An example of a violation of fiduciary duty is the diversion funds, the best property deals or renters without revealing these actions to an associate.