Real Estate Purchase Agreement Disputes
The purchase and sale of real estate often involve significant risk due to the high value of these kinds of assets. Experienced legal advisors can help you avoid potential major damages related to others’ wrongful conduct or your lack of knowledge of the highly regulated real estate industry. Real estate agents and Brokers are not legal advisors, and they have different goals than a lawyer will have in a real estate transaction.
Our attorneys helped our clients in negotiating and drafting purchase and sale agreements, obtaining title reports and reviewing title records and reports for any discrepancies, Preparation of closing documents and facilitating the escrow process, contingency removals,
What to do if a party backs out of a property sale?
When a real estate purchase agreement party fails to perform his or her obligations under the agreement, the other party could pursue enforcement of the purchase agreement and sue for damages or cancel the agreement and sue for damages. There are many remedies for the non-breaching party in a real estate purchase agreement.
If the buyer refuses to go through with a deal without a good reason, the seller can pursue mediation, arbitration or a lawsuit requesting you to pay damages. Generally, for a seller's breach of contract to convey an estate in real property, the measure of damages is the difference between the contract price and fair market value at the time of breach plus consequential damages. The buyer may be entitled to recover those damages allowed by Civ.C. § 3306, as follows:
• the price paid.
• the expenses “properly incurred” in examining title and preparing the “necessary papers”.
• the difference between the agreed-upon price and the value of the estate agreed to be conveyed at the time of the breach
• the expenses “properly incurred in preparing to enter upon the land”.
• consequential damages “according to proof”; and
Also, your real estate purchase/sale contracts could provide a specific dollar amount for the maximum damages or attorney fees for the prevailing party.
Over the years, Gomez Law, APC real estate attorney helped its clients in their real estate sales and purchase agreements to maximize their benefits and minimize their exposure to any liability. In addition, Gomez Law, fought for the clients who found themselves in real estate sales/purchase agreements with opposing parties and protected its clients’ interests.
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