Arizona Buyer/Seller Real Estate Contract Disputes
Arizona real estate transactions, both commercial and residential, are governed by the terms of contracts between the parties. Although most property deals are documented in detailed written agreements that are designed to avoid misunderstandings, disputes still arise when one party fails to fulfill their obligations.
Some disputes between buyers and sellers come up before the transaction has closed, during escrow, and jeopardize the profit expectations of the non-breaching party. Common issues that arise during the purchase and sale process include one or both party’s ability to close on time, the buyer’s inability to get expected financing, and what defect disclosures are required and what warranties are conveyed with the home, and how to protect yourself from a title defect.
Other times, issues are revealed after the sale that should have been disclosed prior to closing. Because real estate transactions typically involve significant sums of money, the damages stemming from a party’s failure to abide by the terms of the contract can be enormous.
In Arizona, many run-of-the-mill real estate transactions do not involve lawyers, but we believe no real estate transaction should be viewed as run-of-the-mill. The purchase and sale of real estate involves the exchange of huge sums of money, as well as exposure to significant liabilities. Of course, even if a lawyer isn’t involved early on, a lawyer should be consulted immediately at the first hint of trouble.
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If you’re ready to talk to an Arizona real estate attorney, give us a call at 602-256-6400, or submit your inquiry online and we'll get back to you as soon as possible.