4 Essential Steps On How To Handle Real Estate Disputes
“Real estate is the best investment on earth, however, when the music stops playing, which happens occasionally, don’t be the one left without a chair.” –Steven Ivy – Attorney Entrepreneur
The moment you decide to invest in a property, know that risks are inevitable. A real estate dispute is no exemption, which usually involves a clash between two property owners. Not to mention prospective client with a real estate dispute can also trigger the conflict between parties. Sometimes, if not taken off among them, this could end up in court. Whether you plan to invest in Condo in Taguig or any other real estate property, being prepared will help you avoid being caught by a dispute.
Purchasing a real estate property can be a crucial investment. While others are contented to have the property as their home, others seek a larger scale by aiming to increase the Return on Investment (ROI). And yes, investing in a property can be quite lucrative, if and when it is done correctly. However, many investors are dissuaded from purchasing a property since it’s a risk to buy and operate a real estate.
Although not all home investors may have legal knowledge about real estate disputes, certain things are easy to understand. In this way, it would also be easier for them to figure out what and what not to do to avoid these circumstances. And to give you an idea, we list down the top four essential steps on how to handle real estate disputes, in any cases, you’ll encounter one.
Before disputes arise: Document, document, document.
All documents are necessary. From the moment you submit your property inquiry down to the details of the transaction, it is necessary for you to keep all the records. And since you have already chosen to invest the property of your choice, you will most likely end up signing a sales contract. Keeping these documents – not just in writing, including your communication, would give you the leverage you need to resolve any issues or complaint in your favor.
Step 1: Assess whether your problem is warranted as complaint
Before taking the necessary actions, determine what caused the complaint. Was there a misunderstanding between you and the other party? If so, then you need to go over the documents you have. Also, do not forget to read everything that was sent to you such as the emails and even text messages. To resolve the misunderstandings, there should be a common resolution where both parties would benefit. Resolutions are usually solved by the terms stated on your legal documents. That simply means, reviewing all the documents is a crucial thing to do.
Step 2: Seek resolution from your broker first or the direct party involved (between yourself).
A real estate broker would come in handy especially in times like this. Brokers are the person who can help you resolve your issue since they are the most knowledgeable and capable in resolving your issues. Moreover, if there are any questions or clarifications on a particular matter, never hesitate to seek help from your broker. Just make sure you ask them nicely to avoid making the situation worst. In this way, you’ll eventually have you reasonable solution to a particular complaint.
While it is true that hiring realtor is important in real estate transaction, it is still up to you on whether or not to hire one. Off course that if you have enough knowledge about the whole process of the transaction. However, if this is your first time in buying a home, then it is best for you to hire a professional agent to make sure that you will have a smooth process of the transaction. Moreover, if there are any confusions about the process, you can always ask your realtor about it. They will be the one who will explain what and what not to do when it comes to real estate investment.
Step 3: If no resolution has been reached, seek assistance from a regulator.
There are various type of complaint. But real estate complaints are usually solved by Professional Regulation Commission, or Housing and Land use Regulatory Board (HLURB). They can help resolve the issue by having a definitive judgment or settlement of your complaint. When the regulator sends a notice of invitation, the complaints are then taken care of seriously. To resolve the issue, it is best for you to bring all the necessary documents for as to proceed to proper assessments of a particular complaint.
Step 4: If both parties have not reached a resolution, request for a copy of the arbitration process.
If you think that it is impossible for both sides to provide a reasonable solution for the issues, it is best for you to request a copy of the arbitration process. The resolution to your complaint is usually less about getting what you want, and more about what’s reasonable for both parties. Not to mention solutions that are taken by the one whom you have taken a complaint against. Moreover, before you pursue some legal actions, you should have the results of your arbitration notarized.
Purchasing a property is an ideal investment one can make. Of course, we do not want to regret any decisions we make. However, if any issues would inevitably arise, then you need to what to do to make sure you can get a desirable result.
Don’t ever decide to invest in a property for the sake of having one. Of course, you definitely don’t want to regret the choice you made, right? That is why, before anything else, you have to make sure that you know what you want when it comes to the features of the property you would like to have. Moreover, investing in a property of your choice is one of the many ways you can feel happy and fulfilled. Of course, investing in a property can also be one of your successes in life.