Each commercial real estate transaction comes with its unique nature and complexities; however, there is a pattern in repetition of some disputes. Though some of them might be resolved by simple negotiations, others may require litigation to resolve the issue. These issues are extremely complicated and involve a substantial amount of valuable property, thus one should never attempt to navigate these perilous waters alone. Here are some of the common issues related to commercial real estate transactions which may give rise to a dispute.
Breach of Contract
There is a contract devised for every real estate transaction and commercial lease agreements are no exception. The agreement must be in writing to be legally binding, therefore, it is imperative to have a written agreement of every real estate transaction. A majority of real estate disputes arise due to a breach of contract claim. A breach occurs when one party does not fulfill their part of the bargain stated in the contract. This may relate to maintenance, funds payment, or delivery of the property as per the agreement.
Real Estate Fraud
There are many commercial real estate transactions where things are not as they appear on the surface. For instance, the seller may claim that all of the electrical and plumbing are in excellent working condition, but they actually require complete repairs. If the seller knew about the issues yet provided you a false assurance, it will be constituted as a real estate fraud. As a result, you, as a buyer, will have to resort to litigation to resolve this dispute by hiring a real estate lawyer.
Co-Owner Disputes
There are many cases where a commercial real estate property has more than one owner. When the co-owners have a disagreement about the maintenance or sale of the property, it can lead to a dispute. Other issues may include rental payments, the percentage of ownership, among others. Real estate is inherently complex when it comes to division, thus disputes can present extreme challenges, especially when none of the owners are willing to compromise. Thus again, the only course of action to address these issues is by initiating a litigation process by procuring services of an experienced real estate lawyer.
A knowledgeable and skillful real estate lawyer who practices in commercial real estate transactions can add great value to your case by devising a strong argument in your favor, increasing the chances of winning your claim.
If you want to find out more about this subject or wish to schedule a free consultation session with an experienced real estate lawyer, contact Fitzgerald Law Firm by calling at (630) 946-6060.