Investment property disputes can arise in connection with property that is specifically used for investment purposes. This can include such property as: second homes, rental properties, vacation homes, and similar types of properties. The owner of such properties is usually not present on the premises at all times; instead, they typically rent the property to other persons, or they may work on improving the property so that it sells for more later on.
Thus, due to the specific uses of investment properties, various legal issues can arise which can lead to disputes. These may often require lawsuits or other legal action in order to fully resolve.
What Are Some Common Investment Property Legal Disputes?
Some examples of investment property legal disputes may include:
- Breach of real estate contract: This can include issues such as a broken lease, failure to repay a loan, or other related issues.
- Real estate fraud: This can include misrepresentation regarding the property, document fraud, false advertising, and other similar issues.
- Mortgage issues: Investment properties often require special types of mortgage or home loan arrangements.
- Zoning violations: Using your investment property in a way that violates zoning ordinances can lead to legal issues. For instance, converting investment property for business usage in a residential district is a common violation.
Various other issues can also be involved. For instance, property taxes, divorce rights, titles, and inheritance issues can often arise in connection with an investment property.
What Types of Documents Are Needed to Resolve Investment Property Disputes?
When approaching an investment property dispute, it’s often necessary to prepare and present various documents for review. These can include:
- Title/deed documents
- Any rental, lease, or other contract documents
- Property tax information
- Bank account records and documents
- Mortgage and loan documents
- Zoning variance and other land use certificates
These documents may be used as evidence in the event that a lawsuit arises. During trial, these can help the non-breaching party obtain a legal remedy, such as a damages award for lost profits or for monetary compensation.
Should I Hire a Lawyer for Help with an Investment Property Legal Dispute?
Investment properties can provide additional income and financial cushions for investors. They are however associated with very specific laws and regulations. You may need to hire a real estate lawyer in your area if you need help with an investment property legal dispute. Your lawyer can help research the laws in your state to determine your rights. Also, your attorney can represent you in court during trial proceedings.