Nashville, TN – Many kinds of businesses have to deal with real estate in some form. Any real estate transaction should be formalized in some kind of contract so that the parties to the deal know their rights and responsibilities. If a business needs these kinds of documents drafted, they should seek out legal help to avoid problems at a later time. An overview of the purpose of a real estate contract is useful for anyone about to engage in such a transaction.
Basic contract information
Almost every real estate contract will have some kind of information describing the property and location, any included fixtures or appliances, closing details, monetary deposits, and important dates. It is common for businesses or investors to negotiate some of these terms. Some of the prices and financial information that is included in the final agreement will often be the result of a negotiation process. There may also be agents involved in this process of negotiation, and they use their expertise in the field of real estate to help get the best possible offer for their client, which may be a business.
In addition to these elements that are specific to real estate, the document should follow all other basic principles regarding contract formation. This includes an offer, acceptance, and consideration. Even during negotiations, both parties should ensure that any document that is formally executed and signed by the parties follows these legal rules.
What happens when the agreement is breached?
One of the most common things that business and contract lawyers have to deal with is one or both parties breaching the terms of an agreement. Breaches happen anytime a party does not follow the agreement’s explicit terms. In most cases, the non-breaching party will sue the other for some kind of remedy. The remedy is usually related to the financial losses that extend from the breach such as lost profits, additional expenses, and other forms of damages. When dealing with real estate or real property that is unique, it is also possible that a judge will offer specific performance as a remedy. This means that the contract terms and any actions related to the property will need to be enforced by the courts because there is no other comparable remedy. Compensation through monetary damages is generally more common than equitable remedies such as specific performance.
Meeting with a business attorney in Tennessee
The Law Office of George R. Fusner is available to help businesses with various issues in the Nashville area. A licensed attorney from the firm can meet with anyone who has questions and other business needs in Tennessee.
Firm contact info:
7104 Peach Court, Brentwood TN 37027