Buying commercial real estate in Texas can be a complex process, and sometimes things do not go as planned. Problems can arise that may require you to consider filing a lawsuit. Knowing when to take legal action is important for protecting your investment.
Breach of contract
If the seller or another party involved in the transaction fails to meet the terms outlined in the contract, it could be a breach of contract. This might include failing to deliver the property as agreed, misrepresenting important facts, or not completing required repairs. When a breach occurs and you cannot resolve it through negotiation, filing a lawsuit might be necessary to protect your rights and interests.
Fraud or misrepresentation
If you discover that the seller provided false information about the property, you may need to file a lawsuit. Fraud or misrepresentation can involve lying about the condition of the property, hiding issues like structural problems, or not disclosing legal matters affecting the property. If you believe you were deceived, taking legal action may be your best option to recover damages or avoid a bad investment.
Title issues
Problems with the title can also lead to the need for a lawsuit. If you find out that there are unresolved liens, disputes over ownership, or other title issues that were not disclosed before the sale, it may require legal intervention. A clear title is essential for your ownership rights, and without it, you may face significant problems with the property in the future.
Failure to disclose defects
Sellers must disclose known defects that could impact the property’s value or safety. If you discover defects after the purchase that the seller knew about but did not disclose, you may have grounds for a lawsuit. This could involve issues with the building’s structure, plumbing, electrical systems, or environmental concerns that were hidden during the sale.
Filing a lawsuit while buying commercial real estate can become necessary when facing many different issues. Knowing when to take legal action can help you protect your investment and avoid costly problems down the road.