When Should You Walk Way from a Real Estate Contract?
An Orange County real estate litigation lawyer can provide you with help if you are involved in the purchase or the sale of commercial real estate. An attorney should review the initial drafting of a real estate contract that you are considering entering into and should help you to negotiate the terms of the contract so the contract protects your interests and keeps your investment in the real estate safe. With help from an experienced attorney early in your transaction, you can reduce the chances of problems arising.
Sometimes, however, issues due come up within a transaction. Either buyers or sellers may, at some point, have to make the decision to walk away from the sale or lease because it is no longer in their best interests to try to continue with the transaction. However, walking away from a real estate contract could have serious consequences and could put you at risk of being sued unless there is justification for you not continuing with the transaction. Before you make the choice on whether you should try to follow through with a contract when there are problems or whether you should walk away from the transaction, you should talk with an experienced Orange County real estate litigation lawyer.
Brown & Charbonneau, LLP can help you to determine if you are justified based on the clauses within the contract to decline to complete the transaction. If you do walk away from a real estate contract and you are sued for making this decision, our attorneys also have the litigation experience necessary to defend you in court so you can reduce the chances of facing an adverse ruling. You should give us a call at (866)237-8129 or contact us online today to find out more about the assistance that we can offer and the ways in which we can help you to avoid financial loss in any residential or commercial real estate transaction.
When Should You Walk Away from a Real Estate Transaction?
Making the decision to walk away from a real estate transaction should be done only after carefully considering the terms of the contract you have entered into with the other party. In a properly negotiated contract, there should be clauses within that contract that protect your interests.
For example, a buyer of residential or commercial real estate will typically want to include a clause within the contract that makes the purchase contingent on a property inspection. That way, if there are serious problems with the property – like a mold infestation or a leaky roof – the purchaser does not have to go through with the purchase and will not be in reach of contract for walking away.
There are many other protective clauses which may be included in real estate contracts. The contract for sale may, for example, be contingent upon the seller of residential real estate being able to find another home before the sale closes or may be contingent upon the buyer of the property being able to secure financing for the transaction within a designated time period.
If there is a clause in the contract that specifies that the transaction is conditioned upon any specific criteria and that criteria has not been met, then it is possible to walk away from the contract without facing a claim for a breach of contract. This does not mean that the parties have to walk away. For example, if the property has serious problems during inspection, the buyer and seller could negotiate for a price discount or could negotiate for the seller to fix the issues to the buyer’s satisfaction. But, if you do want to walk away because a condition in the contract has not been met, you should be able to do so without penalty.
Getting Help from An Orange County Real Estate Litigation Lawyer
Brown & Charbonneau, LLP will help you to make certain that there are appropriate protective clauses in any real estate contract so you do not face substantial financial loss due to the other party’s failure to perform or due to problems that arise during the transaction. We can also provide you with assistance in responding when problems arise during a real estate transaction so you can avoid financial loss and protect your legal interests.
Whether you are buying, selling or leasing residential or commercial property, an Orange County real estate litigation lawyer at our firm has the necessary experience and knowledge of California’s real estate laws to help you to protect the big investment that you are making if the transaction is completed. To find out more about how we can help you, give us a call at (866)237-8129 or contact us online today.