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Refusal to Close on a Commercial Real Estate Contract

If the real estate contract is silent as to what happens if the seller defaults, then in most states, the buyer can go to court and sue for specific performance. This type of lawsuit does not demand monetary damages – it demands performance on the contract. When the buyer is the one who refuses to close, the seller can try to sue for money damages. The problem here is that many buyers who back out often did not have a preapproval to start with; instead, they just had a prequalification.

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Remedies When the Seller Refuses to Complete the Sale Under the Contract

Assuming you have fulfilled all that was required of you under the contract for the building purchase, and assuming the contract meets all the requirements to be considered legally valid, you have two major options if the seller refuses to follow through before closing the building purchase: suing for specific performance, and suing for monetary damages.

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Contingencies in Commercial Real Estate Contracts

Real estate contracts almost always contain “contingencies,” i.e. – a condition or set of conditions on performance –written into the contract itself. They’re called contingencies because if they don’t occur, the entire contract can be legally thrown out without penalty. In this sense, contingencies are like escape hatches in real estate contracts. They are very common add-ons to contracts, and are often practically necessary.

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Renewing Your Commercial Lease

If your commercial for lease agreement is expiring but your business is comfortable in its current office space, you’re probably planning to renew. Here are a few things to keep in mind when renewing your commercial for lease agreement.

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What are prorations?

Prorations can be many different things, from the distribution of materials to a smaller monthly payment due to the startup of a service. Prorations are usually thought of in terms of monetary payments and are used extensively in relation to real estate.

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