Commericial property warranty/Bankruptcy gurantee
Hi,
I am thinking of buying a unit in a new office building. The developer is offering a 1year warranty but I have asked for 3 year warranty and want them to sign a document stating that they will not file for bankruptcy during this period. Is this reasonable and enforceable if they later do file for bankruptcy? Also, what impact would their bankruptcy mean for me as a unit owner in the building? Thanks.
Re: Commericial property warranty/Bankruptcy gurantee
If they break their word and file for bankruptcy, you have a have a breach of contract claim against a bankrupt entity. You may ahve other options if you plan in advance. let me know if you want my help.
Best,
Daniel Bakondi, Esq.
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