Almost anytime you are dealing with a sale of commercial property, you are dealing with a transaction that has the potential to encounter roadblocks or pitfalls and become a complex matter. As with any business matter where there is a large sum of money possibly at stake, it pays to, as one American motivational speaker has put it, “expect the best but plan for the worst.” In other words, be prepared from the beginning to be ready for any outcome, even the worst-case scenario. Part of that preparation means having an experienced South Florida real estate litigation attorney on your side from the very start.
That’s because, in any transaction like this – but especially in one that becomes disputed – details matter a lot. A recent case from Palm Beach County involving a contractual right of first refusal is an example. The holder of the right of first refusal was an entity that owned a senior living facility in Boynton Beach. That facility sat next door to the property over which the entity held the right. In the fall of 2013, the owner of that property next to the senior facility found a buyer for the property.
The owner of the senior facility (a/k/a the neighbor) exercised its contractual right and agreed to purchase for the same price and same conditions as the buyer had agreed to. A year later, though, the neighbor canceled its contract to purchase, having decided that “the current development environment” made the purchase “both time and cost prohibitive.”