The New York City real estate market is one of the hottest and fastest moving in the world. Every day, properties change hands along with millions upon millions of dollars. With so many transactions, it is only natural for there to be disputes from time to time. In some cases, this leads to litigation.
Real estate disputes can take on many forms, with each and every situation needing to be dealt with in the appropriate manner.
While some real estate disputes can be settled by both parties without attorneys and before the problem escalates, this is not always possible.
There are many types of real estate litigation, including but not limited to the following:
-- Title disputes
-- Landlord-tenant law disputes
-- Mortgage liens
-- Condo and cooperative liens
-- Insurance coverage
-- Contract disputes
-- Construction damage
-- Construction defects
-- Election challenges
There is a big difference between knowing about the common types of real estate litigation and actually going through the process. With so many laws in place, it is important to have a solid understanding of your particular situation, including how it is going to be looked upon by the court as well as the other party's stance.
Your goal should be to find a mutually acceptable solution, allowing you and the other party to move on as soon as possible.
If you think that you are going to be facing real estate litigation in the future, learn more about your rights, as well as common alternatives to heading to court, including arbitration, mediation and negotiation.
Source: FindLaw, "Real Estate Law" Sep. 11, 2014