Purchasing a home can be a joyful occasion, but sometimes transactions can turn sour. This is where real estate litigation comes in handy. In North Carolina, there is a legal framework for this process, and understanding how it works is crucial.
Key statutes of limitations
Before filing any lawsuit, verify that your claim is still timely under the statute of limitations:
- Three years: Applies to most claims, including breach of an unsealed contract, fraud or misrepresentation by a seller or agent, and negligence
- Six years: Covers breach of contract claims brought under a formal, sealed process
- Ten years: Includes actions for latent defects in improvements to real estate (for example, concealed structural problems)
A lawyer can help you determine which deadline applies to your claim.
Common types of real estate litigation claims
These are some of the most common conflicts in real estate litigation:
- Breach of contract: This happens if a buyer fails to close or a seller refuses to legally transfer ownership of a property.
- Unfair trade practices: The North Carolina General Statute applies if a seller or builder intentionally conceals significant defects like major mold issues or structural defects.
These can be awarded compensatory damages or a court order compelling the accused party to complete the sale as previously agreed.
Cloud on title and boundary disputes
These are issues that relate more to specific property status. For instance, a cloud on title is a legal issue or claim that creates uncertainty about a properties ownership. This can potentially affect the owner’s ability to sell or transfer the property. Whereas Boundary disputes happen when two adjacent property owners disagree where the line between their properties runs.
A legal strategy is key
Real estate litigation in North Carolina demands a thorough analysis of contracts and other documents. This is why consulting a skilled attorney is critical to evaluate your case and meet all deadlines.