If a seller defaults on a contract to sell property, can the buyer sue for price difference of the property they do buy?

Asked 9 months ago - Miami, FL

A home owner was approached by a buyer ... the buyer's agent eventually convinces the home owner to sell. A contract is signed to sell the property, but due to mistrust and bad terms in the contract, the seller terminates the contract within 2 days. What is the likelihood that the judge would award money to the buyer for damages due to default? The buyer's lawyer said the buyer found another place to purchase that is more expensive, and that they will sue for the price difference.

Attorney answers (3)

  1. Michael Charles Doland

    Contributor Level 20

    4

    Lawyers agree

    Answered . The measure of damages is much more complex that it appears. The issue of damages on comperable sales is difficult because each piece of real property is unique. This type of question requires a detailed analysis of the breach to evaluate the damages flowing from the breach. The most common remedy sought is not money damages at all, but "specific performance" requiring the seller to sell.

    The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may... more
  2. Marshall C Deason Jr.

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . The contract generally has provisions for damages available to the buyer. The normal buyer's remedy is an action for specific performance to force the sale. The homeowner should hire an experienced real estate lawyer in the county in which the property is located to advise him or her on the best way to respond to the lawyer for the buyer.

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more
  3. Robert Jason De Groot

    Pro

    Contributor Level 20

    Answered . You are not going to get those damages, and we would have to see the contract to advise as to what the damages might be other than specific performance being sought.

    R. Jason de Groot, Esq.,

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

29,217 answers this week

3,002 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

29,217 answers this week

3,002 attorneys answering