If a Florida buyer wishes to purchase real estate, he or she typically negotiates a fair and agreeable contract with the sellers in question. However, if a particular property is co-owned and the owners disagree about a certain issue, real estate disputes can arise. This is what happened regarding a multi-use building complex in Midtown Delray.
The property for sale was initially owned by two parties. There were plans to sell it to a third party for $40 million. The sale would generate a hefty profit since the owners had acquired the building for nearly half that amount. However, before the deal was closed, the co-owners started fighting over the potential split of proceeds in the pending sale. As other property owners who have experienced similar situations can relate, the disagreement prompted litigation.
Because of the dispute, the closing set for the purchase was delayed. One of the owners then sued the other, as well as several entities representing the potential buyer, whom the plaintiff accused of breaching the purchase agreement by missing the agreed-upon closing date. The complex case was ultimately settled when the original co-owner/defendant bought out the plaintiff’s equity interest.
The settlement meant that the plaintiff was no longer an owner of the property in question. Since then, the buyers have set a new closing date to complete their $40 million purchase. In such situations, an experienced Florida real estate attorney can provide strong support and help diffuse real estate disputes by aggressively representing a client’s best interests in court.