Real Estate Pulse: How to avoid misrepresentation in real estate
With Arizona’s real estate market continuing to set records for sale prices and swiftness of sales, there is another increasing element: The number of legal cases that revolve around misrepresentation in real estate.
Misrepresentation is the misstating of facts relevant to a property during a real estate transaction, and it is the most common claim made in real estate litigation cases.
“There is more competition out there and I think that’s one of the elements that is contributing to the increase in the number of misrepresentation cases we are seeing,” says Patrick R. MacQueen, one of Az Business magazine’s Top 100 Lawyers in Arizona. “Arizona has a bustling economy and people see they can make good money here, so we attract a lot of fixers and flippers. But, like anything, we have some who do it the right way and others who do it the wrong way.”
One other element that always seems to bring a flood of real estate misrepresentation cases (no pun intended): The rain.
“Whenever it rains outside, we see all these issues come to the forefront,” MacQueen says. “The rains bring out a lot of these misrepresentation issues.”
In this episode of Real Estate Pulse with MacQueen & Gottlieb, Patrick MacQueen and Ben Gottlieb, co-founders of MacQueen & Gottlieb, the No. 1 real estate law firm in Ranking Arizona, talk about how buyers and sellers — in both commercial and residential real estate transactions — can protect themselves from the legal ramifications of misrepresentation in real estate.