Real estate law in British Columbia applies to an individual’s right to own, use and enjoy land. Both provincial and federal laws govern purchases and sales of residential real estate. In many cases, having a real estate lawyer involved from the beginning of a transaction can help you avoid litigation later.
When disputes arise between the parties involved in real estate transactions — including buyers, sellers and lenders — real estate litigation lawyers can assist with unraveling the situation and recovering compensation when warranted.
The lawyers at McLarty Wolf work with a variety of clients on issues related to real estate litigation. What are some of the areas in which real estate disputes can arise?
Residential Real Estate Sales and Purchases
Legal questions and disputes can come up in a residential real estate transaction when one party cannot fulfil its obligations under a contract. For example, a buyer may not be able to obtain sufficient financing or otherwise remove its subject conditions. Even after a buyer has removed or waived all subject conditions, he or she may still decide not to complete a transaction. They may have learned something about the property that changed their mind or gotten cold feet about purchasing the property.
Alternatively, a seller may decide not to complete a transaction in order to take advantage of rising property prices and obtain a higher price from another buyer. In this situation, a buyer may incur losses if they have already taken steps to sell their own property or if they have missed the opportunity to purchase a different property at a lower price.
Disputes may also arise after a transaction has completed. This may happen if a buyer discovers on taking possession of a property that the condition of the property is not as represented or if the buyer is no longer able to use the property for the purpose for it was intended.
In you have a legal issue with regards to completing a residential real estate purchase or sale, a real estate litigation lawyer can assist with enforcing your rights and remedies under contract and in common law.