Legal Question in Real Estate Law in Indiana
Commercial property purchase
Following a very long 9 months of working with a buyer to enter into a purchase option agreement for our commercial property,we finally didon Nov. 30,2007. The closing was to be in90 days with possession the day of closing. We met our obligations to provide title insurance and a survey within 30 days. We heard nothing about a closing date. Feb. 4 we contacted the attny by mail asking for a closing date which should be on or before Feb. 29. We still had the entire contents of a building to move before closing. Feb.13 we received a letter stating that because of market conditions the party is unable to obtain the cash to close. The party would still like to move foreward on the project but is unable to do so by Mar 1. He told his attny he understands we are under no obligation to extend time for performance and have the right to pursue other purchasers , but wants us to know he would be willing to continue with the project if we would allow. The attny goes on in the letter to say he thought it was a well thought out project but we had benefited from planning and zoning matters(we have not) as though they are walking away. Is he obligated to purchase or can he walk away. We don't want expenses only, we want to sell after all this.
2 Answers from Attorneys
Re: Commercial property purchase
It is possible that you have recourse against the buyer. However, being able to provide an accurate answer to this question will largely depend on the documents, including both contractual and communicative. If you would like our input, please contact me.
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. The foregoing discussion is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered a privileged communication.
Re: Commercial property purchase
You need to have an attorney review the contract. thee is a difference between a purchase option and a purchase agreement. You need to spedn a few dollars and have an attorney review this specific document.
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