If you are interested in pursuing a real estate claim lawsuit, you may not be sure what type of legal action to pursue. The types of claims include fraud, specific performance, and misrepresentation. Let’s discuss these categories in more detail. A lawsuit may not be the best option for every case, however. Here are some common reasons for bringing a real estate claim lawsuit. After you review these reasons, you can decide whether or not to proceed with the lawsuit.
Misrepresentation
The most common type of real estate claim lawsuit is a misrepresentation case. A seller or broker intentionally misrepresents information about a property. Typical examples include glossing over pest control issues or lying about the need to make essential renovations. This type of misrepresentation occurs when a seller or broker hid information from the buyer in order to secure the sale. If this had happened, the buyer would not have purchased the property.
Misrepresentation cases can occur when agents are selling property without the buyer’s agent’s representation. Examples of such misrepresentations include foundations, structural features, roofs, and termite problems. There are three types of misrepresentations: negligent, fraudulent, and negligent. The former is when a seller intentionally conceals a material fact from the buyer. A material fact is a fact that a reasonable purchaser would rely on.
If a buyer is unaware of the truth about a property, a realtor can still be held liable for misrepresenting it. Fortunately, there are some guidelines in which a realtor can be held accountable for negligent misrepresentation. A negligent realtor is liable for not letting the buyer know about a pest inspection. In many cases, a realtor is responsible for the misrepresentations made to him or her by another party.
When a broker makes a mistake, it can lead to a costly lawsuit. In some cases, a buyer may file a lawsuit against the broker and bank if they rely on an untrue fact in the sales agreement. In other cases, a buyer may make a claim against the broker and bank, but the broker can avoid liability altogether by avoiding the sale. In some cases, an innocent misrepresentation case involves a buyer relying on a false statement.
Fraud
There are many types of real estate claims involving fraud, including negligent misrepresentation and intentional misconduct. In some cases, a seller or broker may have lied to a buyer about a material fact, or may have misrepresented the property itself. Fraud can also be a result of an agent’s failure to disclose an existing problem with the property or a future development plan. In these cases, the buyer may be able to recover compensation from a seller who committed real estate fraud.
A real estate attorney will be able to protect your property interests and limit the Defendant’s exposure by proving that the seller is guilty of fraud. A lawyer can also help you pursue the claim by demanding that the seller repair or improve the property. A real estate fraud lawyer is versatile and can work well with other professionals to maximize the amount of compensation that the victim can receive. Here are some examples of cases that can be filed against a seller:
Despite the common misunderstandings about real estate fraud, the plaintiff can still file a real estate claim if he or she has actually suffered any damage. A claim based on fraud needs to be supported by evidence, such as a rent roll or estoppel certificate. In addition to this, a police report must be provided to support your claim. As real estate claims can be complicated and time-consuming, it is essential to consult an attorney before filing one.
The plaintiffs’ allegations about the Bolingbrook school district were not sufficient to support a common-law fraud claim. Plaintiffs independently verified the boundary lines of the District 204 before completing the transaction. Moreover, plaintiffs could not establish that they relied on the advertising of the defendants and proximately caused the damages. In addition, the plaintiffs did not provide any evidence that the seller knew their claims were false.
Specific performance
A specific performance lawsuit can be filed when the breaching party fails to complete the transaction and does not return the property within a reasonable period of time. This remedy is usually appropriate in cases of unique and sentimental property. Real estate contracts are considered to be unique, as each parcel of land has its own unique attributes and value. The court may order a specific performance to enforce the contract when monetary damages would not be adequate.
A specific performance order can force the seller to carry out the transaction and deliver the property to the buyer. A seller may be ordered to reduce the purchase price, but must perform under the contract. Specific performance in a real estate claim lawsuit can be a powerful legal remedy when monetary damages are insufficient for the grieved party. When a seller fails to comply with the contract, the buyer can file a notice of pendency to prevent the property from being transferred.
A specific performance lawsuit allows a buyer to force the seller to carry out a contract, despite the fact that the buyer is not obligated to do so. In order to obtain a specific performance award, the buyer must prove a legal contract and that the buyer can obtain a comparable property elsewhere. The buyer may also recover money damages from the seller for the loss of sales. Once the buyer successfully argues that the seller failed to perform the contract, a court will award monetary damages.
The law governing specific performance is different in each state. While money damages are common in most states, specific performance is a viable remedy for some buyers. This form of relief is an equitable remedy for the buyer. In such a case, a court will order the seller to sell the property, and the buyer may be able to obtain other types of compensation. In some states, however, the buyer must prove that the breach occurred on their own property.
Innocent misrepresentation
An innocent misrepresentation in a real estate claims lawsuit can be pursued when the broker made a false statement to a prospective buyer. Such a claim may apply if the broker believed that the statement was true and failed to disclose a problem. It is possible to pursue such a claim if the broker misrepresented the truth of an important fact that affected the buyer’s decision to buy the property.
To make a case for an innocent misrepresentation, the seller must have known that the information was material. This means that a seller should have disclosed the information. In addition, the buyer can pursue damages and diminution in value. In an ideal situation, the buyer should have conducted a survey and inspected the property before purchasing it. In some cases, however, this may not be possible.
For example, the court in Krawchuk v. Scherbak, a case from 2011, involved an innocent misrepresentation. The purchasers had purchased a home with major plumbing and structural defects. The seller knew about the defects but did not disclose them, and the repair costs were over eighty thousand dollars, which was enough to void the sale. The purchasers filed suit against the vendor.
Innocent misrepresentations can be the most difficult to prove. However, they carry the same legal effect as negligent misrepresentations and carry the same high stakes. If you think your case has merit, consult a real estate attorney before filing a lawsuit. If the misrepresentation was intentional, a court will typically dismiss it. But if a seller was acting in good faith, he may still be liable for damages.
Failure to perform obligations required in the contract
If you were to buy a property and later realize that the seller did not perform their obligations, you may have grounds for a real estate claim lawsuit. Failure to perform an obligation can result in a lawsuit if a party was harmed as a result of the failure to perform. Failure to perform obligations is one of the most common types of real estate claims, and a court can order a party to complete a contract by granting them a specific performance award.
Specific performance is a remedy in contract law that is most commonly used in disputes and real estate litigation. It entails obtaining a court order to compel a party to perform a specific act. In most real estate claims, the plaintiff seeks specific performance, in which the court will compel the other party to complete a contractual obligation. This type of remedy may not be as common as money damages, but it can still result in an equitable award.
The remedy for failure to perform the obligations required in a real estate claim lawsuit depends on the contract’s language. Typically, real estate contracts include a clause regarding a breach by the buyer. These clauses typically provide for liquidated damages and loss of deposit money. These provisions are designed to protect the seller in the event that a buyer breaches a contract. The buyer may also be entitled to damages, including the price paid, escrow fees, and consequential damages.