When two or more parties are entering into a real estate agreement together, everyone involved hopes everything goes as smoothly as possible. Whether you are a property seller or buyer, and no matter the conditions of the agreement being reached, problems regarding the finer details are not uncommon. When a problem does occur and needs to be ironed out, litigation – or the process of reaching a settlement via a court of law – may be required in order to bring the matter to a satisfactory conclusion.
What is the Primary Difference Between Residential and Commercial Real Estate?
The biggest difference between commercial real estate and residential real estate is almost always the size of the property in question. Commercial real estate often consists of larger properties such as apartment complexes, eateries, or big box stores, whereas residential real estate of course tends to consist of smaller properties like single-family homes, or duplexes. Because of the larger-sized properties involved, there is often more money at stake, which can make commercial real estate dealings more stressful and laborious.
What Are Some Situations That Might Require Commercial Real Estate Litigation?
Despite the best intentions of all involved, a number of different situations can require litigation to resolve. Some of the problems that can arise include real estate fraud, in which a seller misrepresents the state of the property in question. For example, they may falsely state the plumbing is in working order when it is in fact anything but. In a case such as this, it may be necessary to take the matter to court in order for the buyer to get the plumbing repaired or back out of the deal entirely without losing any deposits or fees. Another potential issue is called breach of contract, which entails one of the parties entering into a real estate deal intentionally or unintentionally breaking the terms of a written contract or agreement. Again, when this happens, a court of law may need to step in and make the situation right for the aggrieved party.
Should I Speak With a Litigation Lawyer About my Commercial Real Estate Situation?
There is often a lot at stake where commercial real estate deals are concerned. Large amounts of money, time, and of course, the stability of any businesses that may be involved are on the line, so it doesn’t serve you to leave anything to chance. That is why it would behoove you to seek out the opinion of a litigation lawyer regarding any contracts or agreements you might be considering, in order to get in front of any unexpected hang-ups or complications. A little due diligence and foreplanning can save you a headache or three down the road.