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Oct 24, 2023 · When the seller is ready, willing, and able to sell the property and the buyer refuses to close on the sale for a reason not excused by a contingency, the seller has the right to terminate the contract and keep the earnest money payment (called a down payment in New York, not to be confused with the 20% down payment that most buyers make at ...
- Ilona Bray
Jul 20, 2023 · Failure to Close: One of the most common breach of contract issues in real estate transactions is the failure to close the sale. This occurs when a party, either the buyer or the seller, fails to meet their obligations under the contract and complete the transaction. Reasons for failure to close can include financing issues, title defects, or a ...
Jul 16, 2023 · The failure to close a real estate transaction can have significant legal consequences for the party in breach of the contract. Breach of contract, loss of the earnest money deposit, and potential legal remedies such as specific performance or damages are among the potential outcomes. It is crucial for both buyers and sellers to understand ...
Sep 13, 2022 · Specific performance is a court-ordered remedy that requires parties to complete their obligations stemming from a valid and binding Agreement of Purchase and Sale. The buyer and seller signed an agreement on Aug. 18, 2021, with an agreed-upon purchase price of $340,000 for a co-operative unit. In advance of closing, the buyer, Warner ...
Feb 13, 2024 · Lee Segal. Specific performance represents a critical remedy in real estate transactions when a party refuses to complete a purchase agreement. It compels the breaching party to follow through on the sale by court order. Given the property’s unique nature, monetary damages often cannot adequately compensate the non-breaching party.
Sep 18, 2023 · Oppenheim Law is a Florida law firm that specializes in real estate law. We have over 30 years of experience helping buyers and sellers protect their rights in real estate transactions. If you have been the victim of a seller or buyer breach, please contact us today to schedule a consultation. Oppenheim Law. 2500 Weston Rd #209.
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Aug 8, 2022 · For example, the seller can legitimately cancel the contract if there was a contingency in the agreement that was not met. At other times, reneging on a real estate transaction can be risky. If a seller fails to close the real estate transaction, the seller may have to compensate the buyer, especially if the buyer has been financially harmed.
