In many instances, the importance of a successful real estate transaction cannot be overstated. This is true in the context of commercial real estate and residential real estate and the success or failure of a real estate transaction can have a potentially significant impact on a business.
While planning in advance, conducting due diligence, carefully negotiating and then drafting contract documents is all advisable, sometimes other factors can lead to a dispute during the commercial real estate process which could lead to litigation and the slowing down of the transaction. This, of course, can threaten the success of the transaction. As a result, it is important to understand the different legal tools the legal process provides to address different commercial real estate concerns.
Just as a hammer is not the right tool for every home repair project, litigation is one tool but may not be the only tool available to parties engaged in a commercial real estate transaction. Depending on the situation, and their goals, different options, including legal options, may be available to help them resolve their concerns. Negotiation and other options may also help resolve the dispute. Legal remedies may be able to help in circumstances of a contract breach; construction defects; general real estate litigation; quiet title action; foreclosure on behalf of a creditor; perfecting or confirming a prior tax sale; or evictions in lease situations.
Whatever the concern may be, the legal process can help guide the parties to a resolution. Resolving whatever concerns arise as effectively as possible can help place the commercial real estate transaction back on the path to a successful outcome.