Learning how to search, negotiate and transact business for a condominium unit does actually help a buyer purchase one. But does that already help him avoid unwanted legal drawbacks at the same time?
Knowing the potential and current legal lapses from the National Association of Realtors’ 2011 Legal Scan could help a person do both.
Legal Scan is a survey done every two years that identifies and analyzes the currently implemented state and federal laws as well as the legal cases encountered by realty professionals and property buyers.
In 2011, issues related to Property Condition Disclosure, Agency, and Real Estate Settlement Procedures Act (RESPA), Frivolous Lawsuits/Prevailing Party’s Right to Recover Fees and Common Disputes and Procuring Cause are considered the leading classifications for legal problems in the real estate business.
Here are the top 5 issues and the ways to avoid them:
1. Property Condition Disclosure Issues and How To Avoid Them
2. Agency Issues and How to Avoid Them
3. Real Estate Settlement Procedures Act (RESPA) Issues and How to Avoid Them
4. Frivolous Lawsuits and Cases to Recover Fees and How to Avoid Them
5. Issues Relating To Commission Disputes and Procuring Cause and How to Avoid Them