Recent Answers to Commercial Real Estate Purchase Contract Law Questions
Can a commercial real estate purchase contract be terminated if the buyer discovers undisclosed environmental issues?
Commercial Real Estate
Commercial Real Estate Purchase Contract
New York
I am in the process of purchasing a commercial property and have recently discovered potential environmental issues, such as soil contamination, that were not disclosed by the seller. I want to know if I have the right to terminate the purchase contract based on this new information and what legal options I have to protect my interests and recover any damages if necessary.
Jodi B.
I would need to see to the contract to see if you have any contingency clauses that were added for your protection before you signed the contract.
Can the seller of a commercial property back out of a purchase contract after signing it?
Real Estate
Commercial Real Estate Purchase Contract
Texas
I am in the process of purchasing a commercial property and have signed a purchase contract with the seller. However, the seller has recently expressed doubts about selling the property and has hinted at the possibility of backing out of the contract. I have already invested time and resources into the due diligence process and securing financing, and I am concerned about the potential consequences if the seller decides not to proceed with the sale. I would like to know if the seller has the legal right to back out of the contract after signing it, and if so, what recourse do I have in such a situation?
Jennifer B.
Generally, the seller cannot legally back out of a properly executed purchase agreement where both parties have signed and acceptance has been communicated. Texas courts have consistently held that unilateral rescission by the seller is not permissible without proper cause and procedure, and attempting to do so would constitute a breach of contract subject to legal remedies. The contract itself may include the penalties for the seller failing to follow through on the sale. You, as the buyer, have multiple avenues for relief, including specific performance, termination and recovery of earnest money, and monetary damages, depending on the circumstances of the breach and the terms of the contract.
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
View Trustpilot ReviewAsk a Question
Lawyer Leaderboard
Donya G.
Jane C.
Darryl S.
Dolan W.
Randy M.
CONTRACT lawyers by city
- Atlanta Contract Lawyers
- Austin Contract Lawyers
- Boston Contract Lawyers
- Chicago Contract Lawyers
- Dallas Contract Lawyers
- Denver Contract Lawyers
- Fort Lauderdale Contract Lawyers
- Houston Contract Lawyers
- Las Vegas Contract Lawyers
- Los Angeles Contract Lawyers
Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.
View Trustpilot Review
I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.
View Trustpilot Review
I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.
View Trustpilot Review