If you have agreed to buy a home and the seller have agreed to sell it to you, and you have the agreements in writing, then it means you have a legally-binding contract that both of you should honor. This means you are entitled to a reasonable remedy if one of you fails the other. Here are some of the remedies you may be entitled to in case the seller fails to honor the contract.
Terminate the Contract
If the seller is not keeping their end of the bargain, then one option for you is to terminate the contract and get back the money you may have paid to the seller thus far. This is especially a viable option if the contract is unenforceable, the seller has agreed to a mutual termination or if the seller is unable to see the deal though. A good example is when a property seller agrees to sell you a mansion, but the property collapses before the deal is done.
Note that you should only terminate the contract after getting permission from the court to do so. If you terminate the contract out of your own choice, the court may view your actions as a breach of contract too.
Seek Monetary Compensation
This is one of the most common ways in which people seek legal redress in case of a contract breach. The amount of money you can get as compensation depends on various factors such as these:
· The actual money you have lost as a result of the contract breach
· The laws of your state (such as damage caps)
· The actions of the property seller
· The expenses you have spent in trying to salvage the contract
The actions of the seller determine not only whether you can get compensation, but also the type of compensation you should expect. For example, if the seller purposefully lied to you about the condition of the house, they may even be ordered to pay punitive damages.
Compel the seller to act in a certain way
Lastly, you may also be able to compel the seller to act in a certain way depending on your state's laws. For example, you may be able to get the seller to see the contract through or fix the damages that you have unearthed and are jeopardizing the contract. Of course, this is only a viable option if the specific course of action you are seeking from the seller is still practical. For example, it's no use compelling the defendant to sell you a house that has been bulldozed to the ground (for example, because it was illegally constructed).
For more information, contact your local real estate attorney services today!