How best to enforce a commercial real estate contract?
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How best to enforce a commercial real estate contract?
I have a fee agreement in place with a client that specifically states we are to be paid a 1% fee after he is introduced to and signs a letter of acceptance from a financial institution. These have conditions have been met, (signed our fee agreement and letter of acceptance), he decided not to go with the funding institution. What is my recourse?
Asked on April 30, 2012 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Your recourse is to sue; contracts are legally enforceable in court, and if someone has breached their contract by not paying you the agreed-upon amount, you can sue them to enforce their obligations and obtain payment. For smaller amounts (say several hundred to $3,000), you would be best served suring in small claims court, representing yourself; for larger amounts, you should probably retain an attorney to represent you. You would need to prove, by testimony and documentary evidence (e.g. the fee agreement) the provisions of the contract and your compliance with your obligations.
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