Real estate transactions are consequential in nature. Purchasing a home, selling a commercial lot or negotiating an easement can result in significant and lasting impacts on the lives of everyone who is immediately connected to the benefits and drawbacks of such an arrangement. As a result, contract terms must be written with care and a real estate contract should not be signed until it has been thoroughly reviewed by a legal professional and understood by all of the parties involved.
With that said, “life happens.” Emergencies occur, unexpected influences impact the ways in which a situation plays out and people sometimes enter into contracts with less-than-noble intentions. As a result, real estate contract terms are breached fairly often. When a breach occurs – either because you couldn’t meet your obligations or another party failed to meet theirs – it is important to seek legal guidance before responding to the situation in question.
All too often, individuals who are impacted by a breach of contract scenario react without thinking their response through. This is understandable, given the high stakes and emotional nature of many real estate transactions. However, it is important to be thoughtful in one’s response to a breach. Reacting in informed, measured ways can help to ensure that everyone’s interests remain protected without unnecessarily escalating the situation and risking costly, time-intensive and stressful outcomes.
Most of the time, it is helpful to seek legal guidance either in anticipation of a breach or as soon as an affected party is aware that a breach has occurred. A legal professional can view the situation with an objective “wide lens” in order to provide personalized feedback concerning what an affected party might want to do, given their unique circumstances and goals for the situation as a whole.