Commercial real estate transactions in New York City have the potential to pose several legal issues. There are ways to prevent those legal issues happening to you if you do some research of the most common ones that happen with real estate transactions. Here are some things to watch out for so that you can be ready to act on it.
1. Fiduciary duties
When hiring a real estate attorney/agent you have total trust for them to handle large amounts of money, but sometimes that trust may be broken. If you feel that a certain real estate transaction is not up to par with what you had wanted or feel he/she is not representing you right as your chosen fiduciary, it is okay to let them know or the authorizes of what has happened; that way you find a solution for it before it becomes a real problem issue.
2. Dual agents
A dual agent is someone that performs as both buyer and seller’s agent. The most common issue is that they sometimes represent more of one than the other; which then causes tension between the agent and the individual that feels neglected. It is important that they let it be known that they are representing both and makes sure that they fulfill both parties’ needs equally.
3. Express contracts
This type of contract is a binding agreement between agent and home seller/buyer. This is another common issue because sometimes the contract does not fulfill what the transactions should be showing. This shows that the agent is neglecting the already pre-negotiated plan with his client, which then causes stress on the home buyer/seller.