It is no secret that real estate law is a complicated matter. Whether you are selling, purchasing, or leasing, it is important to understand all possible issues to help ensure success. Our Albuquerque real estate law team outlines everything you need to know below.
Due to the complexities of ownership, liability, and state law, real estate matters can become easily confusing. Here are some of the most common issues homeowners and homebuyers alike find themselves facing.
Breach of Contract
Breaches of contract can result in serious consequences if they are left unhandled. Within real estate contracts, there are several stipulations that each party is legally bound to uphold. When one of these parties fails to fulfill these requirements, it is considered a breach of contract. The most common breaches of contract include the failure to:
- Deliver the property in a timely manner
- Repair problems with the property
- Close escrow in time
- Obtain proper financing by the closing date
- Deliver the deed in a timely manner
Defects in Construction
Buildings may have a wide variety of defects or issues during or even after the construction process caused by improper handling and installation, poor design, and inadequate materials. There are two main types of construction defects that are found in a property:
- Patent defects - defective work that can be identified during an inspection.
- Latent defects - problems with the property that were kept concealed, and may only be discovered later on.
Most construction defects are found within improper framing, defective plumbing, and damaged electrical wiring. If you have discovered any of these issues within your property, it is important to consult with an experienced attorney to find out how you may be able to recover compensation for the damage done to your home.
Evictions usually occur when a tenant is either unable or unwilling to pay their rent, or the tenant is in violation of the terms in their rental/lease agreement. Before filing an eviction, however, it is wise to consult with an attorney to help draft a written notice. Types of written notices include:
- 3-day notice to pay: Notifying a tenant who has failed to pay rent that they have three days to pay or they will be evicted from the property.
- 7-day notice to remedy: Informs a tenant who has violated the rental agreement that they have seven days to correct the violation.
- 3-day unconditional quit notice: Makes a tenant aware that they have committed a substantial violation, enough to result in the termination of their tenancy after three days.
- 30-day notice: Notifies a tenant that they must leave the property within 30 days due to a termination of the lease, an absence of a written lease agreement, or a lease transitioning to month-to-month.
Landlords and property managers, however, are never allowed to forcibly remove a tenant from their property under the law. If a tenant continues to refuse to leave the property, they must file a petition with the court clerk’s office. If the landlord wins this case, the court will demand the tenant move out within three or seven days.
Contact Our Albuquerque Real Estate Team Today
Whether you are a buyer, seller, landlord, investor, or lender, we are able to service the full spectrum of real estate law. There are often circumstances or legal issues that a real estate agent is simply not qualified or permitted to answer, and having qualified representation on your side can ensure your interests are upheld in any transaction.
If you have concerns about a current or upcoming real estate transaction, do not hesitate to contact us today through our website or give us a call at (505) 881-5155 to schedule a consultation!