In today’s intense real estate market, there are many reasons why a commercial real estate transaction may fail, resulting in massive financial losses for the buyer and/or seller. Where this happens, advice from a knowledgeable commercial real estate lawyer is key to protecting yourself and mitigating any damages you may incur.
At Milosevic Fiske LLP, our highly skilled team of Toronto litigators is ready to help you. We assist both buyers and sellers whose real estate transactions have not been finalized successfully or whose purchase and sale agreements have failed. We understand that a major commercial transaction is complex, and that buyers and sellers face many challenges on the way to finalizing a deal. Our lawyers know the best course of action to take when a transaction fails and can ensure that interests are protected.
A property sale may fall through for a variety of reasons, including:
Where the sale of a property fails due to the default of either one of the parties to the transaction, damages may be awarded to the innocent party to return them to the position they would have been in had the transaction been completed.
Where a buyer is unable or unwilling to close on a sale as agreed, the buyer will lose any deposit made on the property. The seller may also have grounds for a claim for additional losses.
Where a seller is unable or unwilling to close on a sale as agreed, the buyer may have grounds for a claim for monetary damages suffered and may have grounds for an injunction to compel specific performance.
Where a failed real estate transaction involves a commercial property, the potential damages that may attach to the breach of the purchase and sale agreement can be in the hundreds of thousands of dollars.
If you are a buyer or a seller and the real estate deal you were hoping to finalize does not close, obtain advice from a commercial real estate lawyer as soon as possible.
All the lawyers at Milosevic Fiske LLP are skilled litigators with extensive experience litigating failed purchase and sale agreements. Over the years we have seen the real estate market at its peaks and its valleys and have helped buyers and sellers handle the potential legal and financial consequences of transactions that did not go according to plan. With our help, clients can best mitigate their risks and protect their investments.
If your real estate transaction failed, contact the Toronto commercial real estate lawyers at Milosevic Fiske LLP. Where a transaction results in a legal dispute, we will represent you in litigation at all levels of court. Our impressive track record speaks for itself. Call us at 416-916-1387 or contact us online to learn how we can help.
Phone: (416) 916-1387