What's the harm in a little white lie? Many of us are trained to tell them as a way to minimize harm, distress or delay. In the context of property sales contracts, however, any lie - big or small - can result in enormous liability.
In any given transaction, no one is ever happy with getting less than they bargain for. When it's milk that goes bad too fast, we tend to grin and bear it. In bigger scale transactions, such as the sale of land, anything less than what was bargained for is unfair and unacceptable. Thankfully, the often rigid rules applicable to sales contracts will sometimes bend as justice requires.
Some say buying a home is the most important purchase a person will make. It's understandable then, that these sales contracts are long and contrived documents that are seldom understood in their entirety. Having an early understanding of the terms of your sales contract is important, however, as the rights and guarantees therein don't always last.
Whether you're building a home from the ground up or buying one that's already there, ultimately closing the deal often hinges on an inspector's report. These home-inspection reports are meant to confirm the residential structure is in good physical condition. But, as you can probably imagine, these reports aren't always accurate. In the case of an imprecise inspector's report, who should bear the cost of any resulting injury or repair?
If you're in the residential real estate business, you're likely longing for 2005; a time before the real estate bubble burst, and just before housing prices peaked. Without a time machine, however, 2013 may have been as close as you're going to get to that 2005 feeling. We recently highlighted the upward-to-downward trend construction spending has taken since the beginning of 2013, and it appears the housing market may be following suit.
We've written before about the ways certain land use changes within a neighborhood can nuisance homeowners. There, we discussed the importance of the homeowner's right to have a say in what goes on in his or her neighborhood. Unfortunately, the city is not going to prohibit every change that creates a nuisance, but certain avenues do exist for appealing City decisions.