Breach Of Real Estate Contract Attorneys
Breach of Real Estate Contracts Lawyers serving Fort Lauderdale, Broward County, Miami-Dade & Florida State. Have a Breach of Real Estate Contract?
Oppenheim Law | Breach of Real Estate Contracts Attorneys 954-384-6114
Breach of Real Estate ContractsReal estate disputes often arise because a party to the transaction has committed a breach of contract. A common dispute is when a seller wrongfully refuses to transfer title to the buyer or when either the buyer or seller has defaulted on a purchase agreement or other contract in connection to the real estate transaction. Unless otherwise limited by the legal document, there are four basic remedies available to the wronged party.
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Money DamagesIn Florida, a buyer who breaches a sales contract may be liable to the seller for monetary damages. This is usually calculated as the difference between the contracted price and the market value (minus any deposits or other monies the breaching buyer has already given to the seller). The seller may alternatively bring an action for specific performance (described below). However, specific performance is usually more effectively used by a wronged buyer than by a wronged seller, the reason being that a breaching buyer will simply claim that he cannot financially satisfy a judicial decree requiring him to purchase the subject property.
Termination of the ContractIn some cases, the best remedy to seek is termination of the contract. This usually involves the buyer being refunded his or her deposit as well as expenses incurred during the failed transaction such as attorney fees, survey fees, title inspection fees and other costs of examination.
Specific Performance of the ContractAn action requesting specific performance involves a party asking the court to force the opposing party to perform their contractual obligations. A judge ruling that the seller MUST sell the house to the buyer is an example of specific performance being used as a remedy.
Liquidated DamagesParties to a contract may want to agree in advance as to the amount that will be owed by a breaching party. This amount will be set forth in the contract and will not be disputed if a breach occurs. These are called liquidated damages. However, in order for liquidated damages to be enforceable, they cannot act as a form of punishment against the breaching party. Additionally, liquidated damages will usually only be enforceable if it is determined that calculating actual damages for the particular breach at issue is difficult and the liquidated damages are reasonable under the circumstances. An example of liquidated damages can be found in a standard residential sales contract that states that if the buyer fails to perform his/her obligations under the contract, the seller is entitled to keep the deposit.
What happens if you breach a real estate contract?If you want out of a real estate contract and don't have any contingencies available, you can breach the contract. ... The seller could also decide to sue you for breach of contract. Some real estate contracts have a “liquidated damages” clause that states the maximum the seller can keep if the buyers breach the contract.
What does breach of contract mean in real estate?A real estate contract contains many terms and conditions that are integral to the contract. A breach of contract occurs when a party to the contract, either oral or written, fails to perform any of the contract's terms.
Can real estate contracts be broken?When you sign a real estate contract as either a buyer or a seller, you have committed yourself to an agreement that is legally binding. ... Fortunately, it is possible to break your contract. You just have to be prepared to deal with the consequences, whatever those happen to be
Have an Experienced Real Estate AttorneyIt is important to have an experienced attorney, capable of formulating a winning strategy to handle your breach of contract case. Breach of contract cases are filled with obstacles. We will work with you, side-by-side, to help ensure you receive proper compensation from the wrongdoing of a buyer or seller. Our Breach of Real Estate Contracts Lawyers serve Fort Lauderdale, Broward County, Miami-Dade & Florida State.
Please contact us online or by phone at 954-384-6114 to schedule a consultation.
Oppenheim Law | Breach of Real Estate Contracts Attorneys
2500 Weston Rd #404
Fort Lauderdale, FL 33331