ROBERT KIYOSAKI
161
I recently had a development property in escrow and delayed the legal due diligence to save money. I instead focused a lot of time and money on planning the proposed subdivision and locating an adequate water source for the property. When I finally started the legal due diligence, my lawyers discovered an unusual legal restriction that prevented us from developing the subdivision project we had planned for the property. As a result, all the money we had spent on engineering and land planning was completely wasted.
How to Avoid Real Estate Disputes Avoid disputes in your real estate deals by doing the following: • Work with a good, experienced broker. • Consult with a good, experienced lawyer early and often. • Insist on clear contracts that protect your interests. • Carefully specify and limit remedies in the contract. • Avoid problem people. • Avoid problem deals. • Do a thorough due diligence, including legal due diligence.
How to Handle Real Estate Disputes Even if you follow the steps I have outlined above, no contract is perfect, and conditions may change in ways that may make the deal more difficult for one or more of the parties. As a result, disputes can arise, even when you have clear contracts with decent people: One party may also just want to try to improve the deal after it is agreed upon. So how do you handle the disagreements that do arise in your real estate deals? The simple answer is that you should always do your best to work it out. In doing this, you may want to consider the following suggestions:
Consult with a Good, Experienced Litigation Lawyer to Avoid Litigation Strangely enough, a good litigation lawyer knows better than anyone that litigation in real estate deals seldom pays off and also knows the best ways to avoid it. While helping you avoid litigation, an experienced litigation lawyer can also put you in the best position possible if litigation cannot be avoided. He or she