Commercial property deal collapse costs vendor $11 million The prospect of compensation for lost profits means it’s not just buyers who must beware when a commercial real estate deal collapses — sellers found responsible for the failure to close could find...
Entering into a legal agreement with your co-owner(s) to put everything in writing is strongly encouraged. It will assist with resolving disputes with the property later. Even if you don’t have an agreement in writing, a lawyer experienced in handling property disputes can negotiate a settlement without having to litigate.
Not lying or misleading the other party seems straightforward, but what about half-truths, omissions, or radio silence? Depending on the circumstances, you can be in breach of contract by failing to correct a misapprehension as a result of your conduct — or lack thereof.