The condition of the buyer’s property is the predominant source of issues in residential real estate transactions. Other sources of issues include refund of earnest money and specific performance of contracts.
If you purchased real property and find that the condition of the property was misrepresented or that agreed upon work was not adequately performed, you have a possible claim against the seller of the property.
If the transaction involved a contract published by “Oregon Real Estate Forms, LLC” which is the contract used by Portland Metropolitan Area of Realtors (PMAR), and seller will not agree to an informal resolution, the next step is to initiate mediation under paragraph 25, then arbitration under paragraph 26.
To initiative mediation you will need to fill out and submit a packet to PMAR. The fee is $150 to initiate mediation, and both parties split the mediator’s hourly fee of $225. If the dispute involves legal questions having to do misrepresentations or interpretation of ambiguous contractual terms, then it is advisable to be represented by an attorney who is able to state a proper case.
Some of the issues the mediation will involve is the interpretation of the agreement (including presentation of parol evidence to clear up ambiguities) to determine what was promised and presentation of evidence as to the actual nature of the problem and the cost involved in fixing the problem, or in the alternative, the diminution in property value.
Other possible claims may involve brokers, inspectors, and contractors (Oregon Construction Contractors Board, or the “CCB” runs a dispute resolution service for licensed contractors.)
You may also want to consider getting a home warranty, and obtaining information from the seller about any existing warranties, on the mechanical systems or major components (roof being the primary concern).
Get more information on my legal services for Oregon Real Estate Law.
Call me today at (503) 274-9001 or CFLink anytime to evaluate and obtain assistance with any claims for the condition of the real property that you bought.