No one wants to hear the phrase "real estate litigation," as this means something has gone wrong with a transaction or some other situation. When that happens, both parties will begin to search for a solution.
There are many situations that lead to real estate litigation, some of which are traditional. Others, however, are non-traditional, as they don't come to the forefront nearly as often. Here are some of the most common reasons for litigation:
-- Title disputes.
-- Condo and cooperate election disputes.
-- Unit owner disputes.
-- Property disputes.
-- Contract disputes.
-- Insurance coverage.
-- Mortgage liens.
-- Mechanics liens.
-- Partition actions.
-- Condo and cooperative liens.
-- Insurance coverage issues.
-- Construction defects and damage.
-- Shareholder derivative lawsuits.
-- Election challenges.
With any real estate litigation, both parties hope to come out on top. Here is what you need to know: compromise is the name of the game. When everything is said and done, you want to feel good about the final outcome. At the same time, it is imperative that the solution is acceptable to the other patty as well.
Through negotiation, mediation and arbitration, it may be possible to avoid litigation altogether.
If you are faced with a real estate dispute that you cannot solve on your own, it is time to consult with an attorney who can take over the process. For more information, including the types of litigation and what to expect, you can review our website. Our "New York City Real Estate Litigation Attorneys" webpage is the best place to learn more.