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Legal Recourse for Breach of contract on Commercial Real Estate in Tn

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We own a commercial mini Self Storage facility. The sale was supposed to close on October10th 2013. The contract was contingent upon appraisal and acreage.The contract states that there is approx 5.46 acres that go with the facility. When the Surveyor did the survey, he made a mistake, and listed the property at 4.31 acres.As soon as I learned of the surveyors mistake, I called the Surveyor and asked him to send the closing attorney the revised survey, which he did. The buyers are trying to claim violation of the contract based on wrong acreage, and because occupancy is down some, even thigh the Signed Contract does not mention anything referencing that the occupancy, or revenues, must be at a certain level. For the last month, the buyer has been trying to find reasons, or excuses, to back out of the contract. Preceding this sale the bank was getting ready to start foreclosure proceedings, but contingent upon receiving the signed Purchase Contract, decided to forego the foreclosure proceedings. The buyers have claimed the original Purchase Offer, to be null and void, based on mistaken acreage, which was corrected by the Surveyor , and have come back with a MUCH LOWER OFFER. IF we were to accept the lower offer, we stand to lose a considerable amount of money. Meanwhile since the closing date has passed, or bank is calling us wanting to know what the status of the sale is. Do if we decide not to accept the buyers lower offer, then the bank will start for closure proceedings, if the buyers can be forced to go thru with the sale, under the Original Contract price, and if they refuse, can we sure them for Original Contract Price, plus damages.last month the buyers have been trying to find excuses, or , to back out of the contract. The property was getting ready to be put into Foreclosure, but the bank decided to forego theforeclosure
asked Oct 20, 2013 in Legal Topics by angelrgm Newbie (120 points)

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