Complaints in real estate transactions are normal in all the states of the union. They usually arise as a result of the failure of one or both the parties to a transaction to adhere to the agreed terms. It is important for investors in real estate in Minnesota to be aware of their rights when it comes to resolving real estate complaints.
Sellers and buyers of real estate are usually called “principals” and the sale and real estate agents are referred to as “agents”. A real estate agent commonly fills out a “Real Estate Contract.” A contract typically contains the final agreed terms such payment schedules and other important conditions which are binding to all the parties signing the contract. The contract also puts down the steps to be taken in case the stated terms and conditions are not adhered to at any time during the tenure of a contract. Contracts also usually detail the procedures involved in the appointment of a mutually acceptable arbitrating agency to resolve the disputed issue/s.
In the unfortunate circumstances that either or both the parties fail to stick to the agreement contract conditions, a dispute arises. If the parties fail to resolve the disputed matter in an amicable way through mutual understanding, then the parties can approach a previously appointed arbitrating agency. It is usually necessary for a complaining party to inform the other party to the contract and also lodge a formal complaint along with full details, to the arbitrating agencies.
By law, the decision by an arbitrating agency is not binding on the disputing parties. In case, either of the parties is not satisfied with the opinion of the arbitrating agency, they have the right to approach the courts and initiate legal proceedings in order to redress their grievances. The court takes serious cognizance of the arbitrating agency’s report on the disputed matter. In addition, the court examines the legal validity of the contract document, to ascertain that it conforms to the statutory provisions of the state and federal laws while considering the disputed matter. The judgment delivered by a court can be appealed at a higher court if the disputing parties are still not satisfied with the verdict of the court.