The pursuit and purchase of a new commercial building allowed you to sidestep any of the potential problems that come with buying an older structure. After all, the latter may have serious problems related to asbestos, mold and plumbing.
However, some newer buildings, too, have problems that are not readily spotted. If you suspect the new commercial building that you and your partners purchased has significant problems, then it is time to have a thorough investigation. Otherwise, you may find yourself facing significant repair bills.
Severity of building’s problems
Faulty design or faulty construction are some of the problems that surface in new buildings. Even though you and your investors took great care in researching the building, you suddenly have a lemon. Now what you do? Legal action should be a logical step.
Here are some of the factors that will play into whether you pursue a lawsuit:
- The severity of the building’s problems: This may include structural cracks, leaking, poor ventilation and electrical issues.
- The cost associated with having to repair the problems: You may find yourself facing repair bills that cost nearly as much as or even exceed the purchase price of the building.
- The strength of your claim against the designer as well as the builder: A negligent design coupled with a builder who performed shoddy work or cut corners provides a strong argument in your favor.
Do not neglect to have a thorough inspection of any commercial property you hope to purchase. But, in some instances, even the inspector may have overlooked the problems. However, these problems may not have surfaced until months later.
After paying a significant amount of money for a new building, you and your team of investors should not expect to be stuck with exorbitant repair bills as well as any claims from tenants. Take prompt legal action to protect yourself.