Why would I need to go to Court over real estate?
Sometimes having to go to Court to resolve a dispute over land, money or property is unavoidable. Generally, if one person wants to sell property but the other does not then they can be forced to do so or to buy you out by a legal process called partition.
Sometimes there are disputes over who actually owns the property that can only be settled by a Court. If the parties cannot agree on what should happen or if one should pay some money to buy out the other's interest a Court's help may be needed.
In other cases, there are suits over where property should or should not be sold or whether a contract for sale of the property has been breached or not lived up to.
What are the alternatives to real estate litigation?
Lawyers always recommend that cases be settled especially when there is a chance that one side could lose. Winning is never guaranteed. Negotiated agreements may give each side a better, faster solution than the trial expenses and uncertainty of a Judge's decision.
Mediation or arbitration by neutral third parties can help the people on each of the side of the dispute either reach their own agreement through mediation or an arbitrator can listen to the facts, consider the law and decide the case more quickly and earlier than a judge can at the Courthouse.
How are commercial and residential real estate properties different?
Commercial and residential properties are different because residential properties have people living in them. Commercial properties usually will not have residents unless the town has zoning ordinances which allow both commercial and residential uses to be made of the property. One example of this is where there is a store and apartments above the store for people to live in.
Why are title searches so important?
If you are going to spend money buying land, a house or other types of real property then you want to know that the person selling it to you has the legal right to do so and that no one else can come along and claim that they own the property.
Title theft, or taking and selling property you do not own, is an increasing national problem.
A title search of the public records in the county where you want to buy property is essential for your protection.
The title search company will then offer to sell you title insurance. Title insurance rates are set by the State of New Jersey Department of Banking & Insurance. Title insurance with a title search protects you.
What is title insurance for?
If the title company has overlooked some interest in the property or has guaranteed that your title is good and capable of being is sold, but it turns out that it is not then the insurance company will pay any money necessary to defend a lawsuit, help you prosecute a lawsuit or to settle the interest of persons or businesses that may also make some claim to the property.