Tag: lawsuits

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Real Estate Lawsuits: Preventing Litigation and Loss When Buying or Selling a Home

Most mistakes can be avoided by disclosing everything to the other party.

Home buyers and sellers can save a lot of time and money by taking a few minutes to understand and prevent misunderstandings and mistakes.

  1. Disclose, disclose, disclose. – In California, sellers are required to disclose to home buyers any and all defects, plus any other pertinent facts that may affect the value of the home. That includes revealing any issues with the building, neighbors and neighborhood, such as noise, pollution etc.
  2. For Downtown Los Angeles and many other neighborhoods, all potential buyers should be made aware of any known issues with the condo building; current, recent or future litigation or lawsuits; non-deeded parking; floods, leaks or water intrusion; homeless encroachments or crime; traffic and other neighborhood issues; limitations on work and noise in the building.
  3. Buyers should also disclose their desired purposes of the home, so that they can discuss with the seller and agents whether or not the home will be suitable for their needs.
  4. Real estate agents should be looking after the best interests of their clients, not just making a quick sale. Agents should disclose anything and everything that they observe or suspect about the property that might not be optimal for the client buyer or seller.
  5. When a dispute arises, all parties can save time and aggravation by attempting to settle the matter, reaching satisfaction for everyone sooner, rather than taking many months and tens of thousands of dollars later after lawyers start getting involved, filing lawsuits against all agents, brokers, inspectors, escrow etc. Try to settle before going to mediation or arbitration, because they are not always successful. If in mediation, try very hard to come to an agreement before going on to more expensive binding arbitration or courtroom lawsuit processes.

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Lawsuits can be avoided by good, honest communication and negotiation in good faith.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. This is not legal advice. Always consult with an attorney for legal advice. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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Los Angeles Real Estate Lawsuits, Litigation and Mediation

Which Downtown L.A. condominium buildings have seen the most legal action?

Lawsuits or litigation have involved many condominium buildings and HOA Home Owners Associations in Downtown Los Angeles over the years, including 1100 Wilshire, Barker Block, Biscuit Company, Flower Street, Molino Lofts, Luma, Puerta Del Sol, Alta, Market Lofts, Higgins Building (also an assessment a few years ago), Concerto, Library Court, Bunker Hill Tower, Eastern Columbia, Sky Lofts, Skyline Condos, Savoy, Grand Avenue Lofts, Evo, Elleven, Cornell Building and Little Tokyo Lofts. Additionally, many smaller, unpublicized legal skirmishes have taken place, including a lawsuit between an SB Grand penthouse owner and the developer Barry Shy. Others include loft buyers who thought that their parking was deeded, until they lost their parking spaces to the real owners. Another quiet lawsuit took place between an Alta lofts homeowner and the old HOA board that failed to properly review a loft unit home improvement approval request.

Just yesterday, we heard that new super luxury highrise condos Perla home sales are on hold due to a mechanic’s lien from one of the construction companies. This made us ask if the communist China controlled concern is having financial issues just like many other mainland China based real estate companies. We were told “no,” and that there was simply a disagreement with a contractor. This calls for more investigation into the exact nature, cause and disposition of Perla’s legal issues. Coincidently, SCG also has a legal/financial issue with its Trinidad construction project.

Mediation

Several smaller, more quiet legal skirmishes have occurred, usually little notice and no fanfare. Currently, one loft buyer just filed a request for free mediation through the CAR California Association of Realtors regarding an historic loft that reportedly has issues of missing property components after close of escrow, issues regarding noise, plumbing and electrical. Experienced real estate agents suggest settling issues before litigation and before mediation because litigation can be extremely expensive, and mediation is not always successful.

Mediation is often required per the contract provided by CAR. Most of these home purchase contracts require mediation before litigation, otherwise there may be a penalty such as the inability to recover attorney’s fees.

Get information on Downtown loft litigation and lawsuits. Fill out the online form:

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. This information does not constitute legal advice. For legal advice, contact an attorney. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.