Case Breach Contract With Realtor
Description
How to fill out Sample Letter To Client With Case Update - Breach Of Contract Litigation?
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FAQ
If the buyer cannot complete the purchase or the property does not resell for the original contract price, then the seller must collect the balance of the purchase price from the buyer by collecting on a monetary judgment.
A buyer may seek a damages action for breach of contract or an action for specific performance. The terms of the liquidated damages provision, if the contract has one, or statute (Civ. C. §§ 3306 or 3300) will determine the recoverable damages for a buyer in the event of the seller's breach.
If a buyer breaches a contract, the seller is generally only able to retain the contract deposit as liquidated damages. When a seller breaches a contract, the buyer can seek remedies like money damages and specific performance, meaning a forced sale of the property or rescission of the contract.
Like other types of contracts, it is possible to breach a real estate contract. A breach of contract occurs when a party fails to abide by its contractual obligations. In real estate, a breach of contract can be a serious issue, potentially resulting in the termination of a transaction.
If the contract doesn't contain liquidated damages language, you can sue the buyer for damages or for specific performance. In a suit for damages, you attempt to recover the amount of money that you lost as a result of the buyer's breach.
