Breach of Real Estate Contract Cases
When buying or selling a home, the breach of a real estate contract is a highly concerning legal issue accompanied by serious consequences. There are two major types of contract breaches in real estate – seller breach and buyer breach.
Seller Breach of Contract
Typically, a seller breach of contract involves the seller of a property making decisions not to follow through with the executed contract, meaning the seller decides against selling to the already decided buyer. In such a case, a buyer misses out on not only this property but other buying opportunities. To remedy the situation, a buyer may seek legal action that forces the sale of this property through specific performance.
Buyer Breach of Contract
A buyer breach of contract is much different than a seller breach, in that the property remains with the seller. While sellers may continue to live in the property or find a new buyer, they will likely request the breaching buyer cover any expenses caused by the breach. The following is a list of common expenses:
- mortgage payments
- homeowner association fees
In the case of a buyer breach, the court usually attempts to assess the value of the property and costs at the time of the breach when determining what expenses the would-be buyer should cover.
Contact an Attorney
Breaches of real estate contracts are not limited to buyer and seller breaches, though those are the most common. No matter the situation, a breach in a real estate contract could be very costly to you, and a real estate attorney could be helpful in winning you compensation for your troubles. To speak with a Dallas-Fort Worth real estate attorney, call the office of Gagnon, Peacock & Vereeke, P.C., at (214) 317-4448 for a confidential consultation.