Real estate deals are risky investments. There are more financial risks and legal consequences than investing in stocks. That’s why it would be wise to have your lawyer in Tampa help you with any real estate deal; whether you are an investor, buyer, or seller. Your lawyer in Tampa will be one of the first to tell you that there is more risk of unintended consequences or complex issues when dealing with real estate. So, what happens when a deal goes south? It means it’s time to have your lawyer in Tampa get involved. They may suggest litigation or even threatening litigation in order to achieve your desired outcome. In the meantime, take a look at these actions you can take when a deal falls through.
It is possible that the breaching party must follow through with their obligations that were in the contract. However, this is not included in most contracts. On top of that, real estate is unique because each property is different. Therefore, it is up to the courts to decide how they will rule on the rights of the buyer or seller.
Payment of Damages
Another action to take is to seek out a payment for damages. The breaching party that failed to meet their obligations outline in a real estate contract could be required to pay the other party. They could be required to pay the amount that the non-breaching party would have gained had the real estate deal gone through.
Partitioning is typically used for a variety of reasons. One of the reasons why is when the property contains multiple buildings or units. The court can rule that these should be divided between the two parties. The court can also rule on how to partition the income from rent or resources on the land. Partitioning tends to occur when there are multiple owners in a lawsuit over a non-partitioned property.
Here is another remedy that the court can rule on. If an investor has put money into purchasing the property but is not on the title, then the court can rule on a resulting trust. This will allow the owner on the title to be holding the property for the investor, since they are not on the title.
Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!