When individuals have commercial property they want to utilize, they may rent it to other businesses. Typically, contracts are drawn up to ensure that each party involved understands the obligations expected. Unfortunately, even with agreements in place, real estate disputes can still occur, and parties may need to take legal action.
Texas readers may be interested in one such situation that recently took place in another state. Reports indicated that a rental property owner had filed suit against an individual who was utilizing two of the man’s rental locations. The two had entered into a 10-year commercial lease back in 2006, and the owner claimed that the other party breached the terms of the contract.
During the first couple of years, the renter had reportedly paid the property owner for use of the property, but after those first two years, the man did not pay on the lease. Additionally, he did not pay taxes, licensing and permit fees, insurance or other related costs. The outcome of the lawsuit resulted in the property owner being awarded over $1 million, and the exact amount awarded coincides with the monetary damages that the property owner calculated he had suffered as a result of the contract breach.
When individuals face real estate disputes, they may wonder what their best courses of action may be. Litigation may be necessary if individuals are unable to resolve these disputes among themselves. Texas residents who are facing issues with their commercial property and tenants may wish to find out more information on how they can protect their interests.
Source: athensnews.com, “Local businessman awarded $1M in property dispute“, Conor Morris, March 28, 2018