Real Estate Disputes Among Co-Owners: What You Should Know?

There are a number of advantages to co-owning real estate property with a trusted friend or family member, from increased purchasing power to sharing the expenses associated with owning the property, including repairs and renovations. If you want to purchase a vacation home or expand your real estate portfolio, co-ownership may be a viable option if you are unable to afford to make these investments on your own.

However, if you and the other co-owner do not have the same goals regarding the property or are not effective communicators, serious conflicts may arise that can have serious financial repercussions for all parties involved. If you co-own property and you are involved in a real estate dispute with a co-owner, it is highly recommended that you contact an experienced real estate lawyer at your earliest convenience.

What Are Some of the Most Common Real Estate Disputes in New Jersey?

Real estate is probably the most significant financial investment you will make, whether you are purchasing a property on your own or with another individual. When entering into a real estate agreement with another person, whether it is a friend, family member, or business partner, it is important to understand some of the common disputes that may arise and the steps you can take to resolve them. The following are examples of common real estate disputes that can occur in New Jersey:

• Boundary Disputes: These disagreements tend to occur when there is confusion or a dispute over property lines. Resolving these issues requires both parties to clarify legal descriptions, perform land surveys, and look at historical records. In some cases, local or state governments may need to get involved. An experienced real estate lawyer can review the evidence and negotiate the best possible resolution.
• Title Disputes: These disputes can occur if there are disagreements over claims on the title for a piece of property, including undisclosed liens, easements, or errors in the description of the property. While these tend to be more common in commercial real estate transactions, they can also arise when navigating residential real estate transactions.
• Construction Disputes: Examples of construction disputes include construction defects, breach of contract, construction delays, and disagreements over payments. Depending on the nature of the dispute, it can be extremely complex and take years to resolve. A real estate lawyer will thoroughly review the contracts and inspection report, hire industry experts to provide an “expert opinion” on the matter, and determine the best legal source of action to resolve the matter.
• Landlord-Tenant Disputes: Examples of landlord-tenant disputes include discrimination, unfair evictions, and disputes over security deposits and rent. While some states are considered “landlord-friendly,” where state laws favor the landlord, New Jersey is a “tenant-friendly” state, which means that state laws regarding real estate disputes tend to favor the tenant over the landlord. This is important to understand if you and your co-owner own a rental property.

How Do I Resolve a Real Estate Dispute?

If you and the co-owner of a property you own are in the middle of a real estate dispute, and you want to resolve the matter as quickly and successfully as possible, it is highly recommended that you keep the following tips in mind:

• Hire a qualified real estate lawyer. It is crucial that you have a highly skilled real estate lawyer on your side who has a thorough understanding of real estate law, including the New Jersey state laws and local regulations. A dedicated real estate lawyer will protect your legal rights, help you navigate every step of the process, and negotiate the best possible outcome.
• Keep the lines of the communication open. You are more likely to successfully resolve your issue more quickly, and to your satisfaction if you are able to maintain an open line of communication and are willing to negotiate and compromise.
• Review all contracts. It is in your best interest to thoroughly review the terms and conditions of all the real estate contracts prior to any dispute proceedings. Take the time to understand your contractual rights and obligations, as well as the rights and obligations of the co-owner before attending mediation, arbitration, or a scheduled court date.
• Document everything. Take detailed notes of all communications, and keep copies of agreements, contracts, and other relevant documents. This will provide valuable evidence to support your claims.
• Learn from experience. If you have successfully navigated a real estate dispute in the past, take what you have learned – including what not to do – and use that experience and knowledge to make more informed decisions if you find yourself in another real estate dispute with the co-owner of your property.

How Do I Find the Best Real Estate Lawyer to Handle a Real Estate Dispute?

In order to successfully navigate and resolve a complex real estate dispute between you and the co-owner of your property, it is in your best interest to work with a highly skilled and experienced real estate lawyer. Regardless of the nature of the dispute, these matters can become complicated, time-consuming, and expensive if you do not have a dedicated real estate lawyer on your side who has a proven track record of successfully resolving these disputes. It is imperative that your lawyer is well-connected in the local community and has the experience, connections, contact, and resources necessary to navigate your dispute effectively and reach a successful resolution.

The Somerville Real Estate Lawyers at Lyons & Associates, P.C. Represent Clients Dealing With Real Estate Disputes

If you co-own a property with another individual and you are dealing with a real estate dispute, do not hesitate to contact the Somerville real estate lawyers at Lyons & Associates, P.C. We will thoroughly review the details of the dispute, discuss effective dispute resolution solutions, and ensure that your legal rights are protected at all times. To schedule a free, confidential consultation, call us today at 908-575-9777 or contact us online. Our offices are located in Somerville, Morristown, and Freehold, New Jersey, where we serve clients in Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.

• Category: Real Estate