When dealing with real estate, there is always room for something to go wrong. Even when individuals utilize contracts when working on transactions, real estate disputes can still arise. In many cases, these situations can become complex as parties work to determine who breached the contract, what can be done to rectify the situation and what courses of action may be most appropriate.
California readers may be interested in such a dispute currently underway in another state. Reports indicated that a real estate developer is working on a project that involved having to purchase a home from a long-time resident of the area. A contract was put in place that allowed the developer to purchase the man's home for $700,000. However, the homeowner later claimed that he did not have the knowledge or ability to complete a fair transaction and backed out of the contract.
Now, both the developer and homeowner have filed lawsuits against each other in the dispute. The developer claims that the man breached the contract, and the man believes that his incompetence resulted in his accepting an extremely low offer on the property. The man also claims that the developer took steps to intimidate him into selling his home.
Real estate disputes are no easy matter to address. There can be a considerable amount of money and effort involved in such transactions, and any hold-up could prove detrimental to plans. When conflicts do arise, especially when contracts are in place, individuals in California may need to take legal action in order to determine how to settle the situation.