According to data from the National Association of REALTORS (NAR), there were about 5 million units of housing sold in December 2018, at a median price of $253,600. In November 2018, per NAR, there were about 1.25 million housing starts, and about 657,000 new home sales.
Among existing homeowners? Per reports from CoreLogic, brought to our attention by Keeping Current Matters, the average homeowner gained roughly $16,200 in home equity between Q2 2017 and Q2 2018. Home equity has more than doubled since 2011, and increased to a record-shattering $8.3 trillion in 2017. CoreLogic anticipates that home prices are going to continue to trend upward in 2019, appreciating by nearly five percent by the end of the year.
We present all of this is a way of reaffirming some simple truths. For one thing? It is patently obvious that real estate is a huge business, and it’s only growing bigger and bigger.
And even more importantly? Those numbers are a reminder of the human scale of real estate. For many of us, purchasing a home is about so much more than finding a place to live. More often than not, owning a home is the biggest financial decision of our lives, and one of the biggest wealth-generating investments most of us will ever make for the future.
Real estate and homeownership are important. And so is taking concrete steps to protect yourself, and your valuable investment.
The Role of Real Estate Litigation
In some cases, homeowners, developers, condo boards, tenants, and others are going to run into problems when it comes to their real estate holdings. And in these cases? Sometimes, there may even be cause to pursue litigation as an option for resolution or relief. Litigation is another word for pursuing a remedy through legal means, including taking the matter before a court.
Real estate litigation may be a prudent course of action in cases where the actions of another person or party threaten your title to the property, or significantly impact the value of your property. Most commonly, real estate litigation is used to resolve significant disputes, which may arise out of any number of scenarios. Here are a few events that may lead to litigation, depending on the circumstances:
- Breach of sales contract
- Breaching a commercial lease agreement
- Breach of construction contracts or terms
- Zoning violations
- Title disputes, or defects of title
- Disputes arising from easements or eminent domain
- Issues arising from a failure to disclose
- Division/disbursement of property in the event of divorce or probate
- Foreclosure; mortgage disputes or defaults
- Disputes between condo boards and owners, or between a condo association and a management property
- Landlord/tenant disputes
These are just a few of the events that could create cause for litigation, depending on the specific circumstances involved. The reality is that real estate transactions are complex and multi-faceted. There are many different moving parts at play, whether you’re renting a property, or in the process of buying or selling a home, or even developing a skyscraper that will change the Chicago skyline forever.
At the same time? It’s also important to remember that the process of litigation can be expensive and time-consuming. In many cases, it may help to pursue alternatives to taking a matter all the way to court, including attempting mediation outside of court.
The Importance of Consulting With a Real Estate Attorney
If you’re facing the potential for a conflict or dispute over real estate that may eventually merit litigation, one of the most important steps you can take is to consult with a local, experienced real estate attorney.
An attorney will be able to review the facts of your case, and help you determine what course of action may ultimately work best to get you the results you need, on the timeline that will work for you. They’ll be a valuable resource for discussing all of your options, ranging from mediation, to arbitration, to other forms of resolution. An attorney can help you determine the right course of action, including determining if a potential lawsuit has merit, or if an alternative strategy may be the right way forward.
If you have any questions about any facet of real estate law, from title to mortgage conveyancing to condominium law, the Gunderson Law Firm is here to step in as your resource.
Our attorneys possess extensive expertise and insight into the world of Chicago real estate, bolstered by years of experience and connections throughout Chicago’s real estate, construction, finance, and insurance industries. Whether you are a couple wanting to buy or build a house, a corporation converting commercial properties to residential, or a commercial developer looking to build the next iconic Chicago landmark, The Gunderson Law Firm can help you move your project forward, offering assistance and guidance for an extensive list of real estate legal services, including real estate litigation.
Have any more questions? Want to get the conversation started? Don’t hesitate to reach out today to get in touch or set up your free initial consultation.